PWM Funds-Credit Allocation A/  LU1785454775  /

The objective of the Sub-Fund is to provide an exposure to the full credit universe aiming to maximize absolute return over the credit cycle. The Sub-Fund will mainly invest in debt securities (including money market instruments) of any type, issued by corporate or sovereign issuers. The choice of investments will neither be limited to a geographic sector (including emerging countries), a particular sector of economic activity or a given currency. However, depending on market conditions, this exposure may be focused on one country or on a limited number of countries and/or one economic activity sector and/or one currency. On an ancillary basis, the Sub-Fund may invest in any other type of eligible assets, such as equities and equity related securities, cash and undertakings for collective investment (UCIs). However, the Sub-Fund will not invest more than 10% of its net assets in UCIs.

The objective of the Sub-Fund is to provide an exposure to the full credit universe aiming to maximize absolute return over the credit cycle.