Short Equity UCITS Fund IDE Income

The investment objective of the Fund is to provide investors with return from potential gains from its long and short positions. The investment approach of the Fund will be to invest in attractively valued, high quality, and low beta assets on a long basis (meaning that the Fund may hold positions directly, the value of which will rise or fall based on their market value) and in expensive, low quality, and high beta assets on a short basis (meaning that the Fund will use derivatives in order to benefit from the decline in value of investments). The Fund promotes environmental, social and governance (“ESG”) characteristics and takes ESG factors into account, such as by excluding approximately 10% of companies with the weakest ESG scores and excluding fossil-fuels related stock from the long side of the portfolio. The Fund will also make sustainable investments with a view to contribute towards climate change mitigation, by selecting investments which demonstrate specific environmental characteristics aligned with decarbonization targets. In light of the integration of ESG factors applied to the investment strategy, the Fund discloses in accordance with Article 8 of the Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. "Beta" is a measure of how much systematic risk an asset has when compared to a global equity market index. The Fund seeks to target an average risk exposure to a composite global equity market index (the "Benchmark") of between 0.4 and 0.6. The Benchmark is made up of 50% of the Morgan Stanley Capital International Inc. World Net Total Return (“MSCI”) hedged in EUR and 50% of the European Overnight Index Average. The Fund will use financial instruments including, but not limited to, cash, shares, futures (contracts to buy or sell an asset at a future date and at a specific price), swaps (derivative contracts through which two parties exchange the cash flows or liabilities from two different financial instruments), currency forwards (agreements between two parties to exchange one currency for another at an agreed rate on a forward or future date) and total return swaps. A portion of the Fund’s assets may be held in cash or cash-like investments, including, but not limited to, short-term investment funds. If your share class is denominated in a currency other than the base currency of the Fund, the Fund may use financial contracts (derivatives) to control exposures in movements between the currencies. There is no guarantee that this will be effective and the use of derivatives may increase the risk exposure of the Fund. The investment policy of the Fund may involve a high level of trading and turnover of the investments of the Fund which may generate substantial transaction costs which will be borne by the Fund. The Fund is actively managed, which means that the investments are selected at the discretion of the Investment Manager. The Fund is managed in reference to the Benchmark, denominated in the reference currency of the Fund. The Fund will invest primarily in developed market large and small-cap companies, as defined by the MSCI. The Fund’s portfolio will be managed by investing more or less in securities issued in countries and in currencies included in the Benchmark. The Investment Manager will use its discretion to invest in securities of issuers in industries and sectors not included in the Benchmark (including small-cap developed market companies that are not included in the MSCI) in order to take advantage of specific investment opportunities. The Investment Manager will impose operational limits on the extent that the Fund may deviate from the Benchmark but may not observe these limits in certain circumstances, for example, where movements in the market so require or in the case of corporate actions (e.g. stock splits, mergers). Over extended periods, the Fund’s performance may be correlated with that of the Benchmark. Income may be payable on your shares. You may redeem your investment upon three business days’ notice. There can be no assurance that the Fund will meet its objectives.