Pictet International Capital Management - Global Balanced 60/  LU0121249881  /

The purpose of the Sub-Fund is to enable investors to benefit from the overall investment expertise of the Pictet Group by offering the opportunity to invest in a diversified global portfolio. This portfolio will be composed mainly of equities and bonds of all types, money market instruments and structured products (as described in the prospectus) linked to the performance of the assets listed above. The "equity" portion, representing all direct and indirect investments (such as via UCIs, structured products) in equities and equity related securities (including but not limited to ADR/GDR and closed-ended REITs), will nevertheless never exceed 60% of net assets. Apart from the limit in the "equity" asset class, the allocation between the other asset classes is not limited and will vary according to market conditions and the Manager's choices. The choice of investments will not be limited to a geographical sector (i.e. the Sub-Fund may invest in emerging countries), to a particular sector of economic activity or to a given currency. However, depending on market conditions, investments may be focused on a single country or a reduced number of countries and/or a sector of economic activity and/or a currency. It should be noted that, depending on the Manager's strategic allocation, the Sub-Fund may at times invest a significant portion of its assets in emerging countries, including Russia. Within the limits and circumstances provided for in the prospectus, the investment policy of the Sub-Fund may be achieved indirectly through undertakings for collective investment (UCIs). The Sub-Fund can be exposed to investment grade debt securities and non-investment grade debt securities, in proportions that will vary accordingly to financial market conditions and investment opportunities. However, exposure to non-investment grade debt securities will not exceed 20% of the Sub-Fund's net assets. It is understood that the Sub-Fund will not invest in distressed securities or defaulted securities. Without being a constraint, the expected average credit rating of the Sub-Fund's (debt securities) portfolio will be BBB- (S&P notation) or an equivalent credit rating from other recognized credit rating agencies.

The purpose of the Sub-Fund is to enable investors to benefit from the overall investment expertise of the Pictet Group by offering the opportunity to invest in a diversified global portfolio.