The Sub-fund aims to achieve its investment objective by actively managing a diversified portfolio of equities, as well as Italian debt securities. The Sub-fund actively manages the allocation between equities and debt securities, based on the expected risk and return from these two asset classes. Although the Sub-fund will normally be primarily - if not wholly - invested in equities, the Management Company may reduce the equity component of the portfolio and also invest in money market instruments and debt securities during periods when, in the opinion of the Management Company, there are not sufficient opportunities in equities because valuations are high and/or in the event of negative macroeconomic developments. The Sub-fund at least 60% of its net assets in equities of Italian companies, preferably small and mid-cap companies. As such, the Sub-fund invests at least 60% of its net assets in equities issued by companies that are not included in the FTSE MIB index. The Sub-fund may also invest up to 20% of its net assets in equities of companies that have their head office in Europe and are listed outside an Italian stock exchange with a market capitalisation of less than EUR 10 billion at the time of purchase. The Sub-fund may also invest up to 40% of its net assets in debt securities and money market instruments issued by governments, supranational institutions or governmental authorities in Italy and/or companies with their head office in Italy. The Sub-fund may also invest up to 40% of its net assets in debt securities with a sub-investment grade rating. The Sub-fund uses the main derivative financial instruments for investment purposes and/or for hedging purposes. The Sub-fund may also invest in total return swaps. The gross notional exposure to the total return swap contracts shall not exceed 10% of the net assets of the Sub-fund and it is envisaged that this exposure will remain in the range between 0% and 10% of the net assets of the Sub-fund. The Sub-fund aims at maintaining a leverage effect lower than 150%, calculated on the total of all derivative financial instruments' notional amounts.