Pictet International Capital Management - Sikrut/  LU1298716520  /

The aim of this Sub-Fund is to enable investors to benefit from the general investment expertise of the Pictet Group and to offer a long-term risk-adjusted return. The assets of the Sub-Fund will be allocated in such a way as to obtain a diversified exposure by using mainly bonds or equities and similar securities (including convertible bonds, Real Estate Investment Trusts (REITS), global depositary receipts) denominated in EUR or issued by companies whose registered office or main economic activity is located in Europe (including Switzerland, the United Kingdom and Russia). These exposures can be achieved by investing: - directly in the securities/assets listed above, - in undertakings for collective investment (UCIs) whose main objective is to invest in or provide exposure to the performance of the assets or securities listed above, and - in transferable securities (e.g. structured products) linked to or giving exposure to the performance of assets or securities in the above list. The Fund may also invest in other eligible assets, such as other UCIs, cash (including deposits) and structured products. The choice of investments will not be limited to a particular sector of economic activity, nor to a particular asset class, nor to a given currency, nor in terms of rating per issuer. However, depending on market conditions, investments may be focused on one or a limited number of countries, an economic sector, a currency and/or an asset class. In case of opportunities, the Sub-Fund does not exclude investing maximum 20% of its net assets in emerging countries. The proportion of investments allocated to each asset class may change over time, each of the asset classes may represent between 0 and 100% of the Sub-Fund's net assets. The Manager will nevertheless ensure that non-investment grade bonds are limited to 30% of net assets. The Sub-Fund does not intend to use contingent convertible bonds and will invest a maximum of 10% of its net assets in structured products. If the Manager deems it necessary and in the interest of the shareholders, the Sub-Fund may hold cash up to 100% of its net assets, consisting, among other things, of deposits, money market instruments, money-market UCIs.

The aim of this Sub-Fund is to enable investors to benefit from the general investment expertise of the Pictet Group and to offer a long-term risk-adjusted return. The assets of the Sub-Fund will be allocated in such a way as to obtain a diversified exposure by using mainly bonds or equities and similar securities (including convertible bonds, Real Estate Investment Trusts (REITS), global depositary receipts) denominated in EUR or issued by companies whose registered office or main economic activity is located in Europe (including Switzerland, the United Kingdom and Russia).