ZEST ASSET MANAGEMENT SICAV - ZEST Global Bonds Retail Cap EUR/  LU1860670881  /

In order to capitalise on attractive opportunities, while minimising risk, the Investment Manager shall allocate the Sub-Fund's investments across a diversified universe of corporate bonds, convertible bonds, contingent convertible bonds (for a maximum of 20% of the Sub-Fund's net assets with respect to the latter) and sovereign bonds. The Sub-Fund is actively managed without reference to any benchmark meaning that the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio. The Sub-Fund shall invest primarily in fixed and/or floating bonds in both the corporate and sovereign segment, without any focus on any credit rating or duration. Nevertheless, if the issuer/the issue is not rated by a recognized agency, the board of directors may, in its entire discretion, appreciate whether one instrument possesses the equivalent of at least High Yield rating criteria. This rating criteria assessment will be monitored by the Investment Manager on an ongoing basis (at least once a month) as from the date of investment until the sale of the concerned debt instruments. Investments in non-rated fixed income instruments will be limited to 10% of the net assets. Moreover, the Sub-Fund will hold a diversified portfolio of bonds over a broad base of issuers, industries and geographies to mitigate credit risks. The Sub-Fund is not expected to have any bias towards any specific industrial, geographic or other market sector. For temporary or defensive purposes, the Sub-Fund may invest in short-term fixed income instruments (with a maturity lower than twelve months), and cash and cash equivalents. The Sub-Fund may also at any time hold such securities for cash management purposes, pending investment in accordance with its Investment Policy and to meet operating expenses and redemption requests.

In order to capitalise on attractive opportunities, while minimising risk, the Investment Manager shall allocate the Sub-Fund's investments across a diversified universe of corporate bonds, convertible bonds, contingent convertible bonds (for a maximum of 20% of the Sub-Fund's net assets with respect to the latter) and sovereign bonds. The Sub-Fund is actively managed without reference to any benchmark meaning that the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio. The Sub-Fund shall invest primarily in fixed and/or floating bonds in both the corporate and sovereign segment, without any focus on any credit rating or duration.