BANOR SICAV - EURO BOND ABSOLUTE RETURN - I - EUR - Dis./  LU0451395577  /

We aim to provide you with annual positive returns, year on year. A positive return may not be achieved at all times. We mainly invest in bonds (loans) in euros issued by European companies. These bonds pay fixed or variable interest rate. We also invest in bonds that can be converted into shares of their issuer (convertible bonds) and in bonds issued by non-European issuers. We may also invest in shares and bonds issued by non-European companies and in units of investment Funds. We may invest up to 10% of the assets of the sub-fund in bonds guaranteed by assets (ABS-Asset Backed Securities) or real estate properties (MBS-Mortgage Backed Securities) and up to 20% in Cocos (Contingent convertible capital instruments) are hybrid instruments issued by banks and having both the characteristics of bonds and of shares, they are also allowed. Finally, we invest in units of other Funds which themselves invest in the above mentioned instruments. We analyse bond markets from the point of view of issuers' risk of non-payment and the levels of risk free interest rates. This risk/reward analysis enables us to identify irrational market movements and to decide which segments are interesting. We then select individual bonds on the basis of their issuers' balance sheet, profit and loss account and cash flows.Notably, our investment process excludes companies having low practice or standards in those matters, or those with a high long term sustainability risk. The other Funds are selected and monitored on the basis of their investment management process and past behaviour. This Fund is actively managed meaning that the investment manager has, subject to the stated investment objectives and policy, discretion over its portfolio, with no reference or constraint to any benchmark.A percentage of the fees perceived by the Investment Manager is donated to non-profit social organizations.

We aim to provide you with annual positive returns, year on year. A positive return may not be achieved at all times.