The objective of the Fund is to provide a long-term capital appreciation while maintaining the Fund around an objective of annual volatility comprised between 10.5% and 14.5% - with a target around 12.5% - investing in Eurozone equities and futures. The Fund shall invest at least 75% in Eurozone equities. The Fund may also invest on an ancillary basis in equities, in participation rights and in equity-linked securities listed on stock exchanges of European markets. In order to target the volatility objective, the Fund may manage the equity exposure through equity index futures, taking long future position (i.e. increasing the equity exposure) or short future positions (i.e. decreasing the equity exposure).