The aim of the Sub-Fund is to seek capital appreciation primarily through investments in European investment grade credit instruments. The Sub-Fund provides exposure to a diversified long portfolio of investment grade, European corporate issuers through investments mainly in senior tranches of CDS index-related instruments (agreements where one party covers a particular portion of the potential loss on an index in return for a periodic payment). Furthermore, the Investment Manager seeks to limit downside risk by investing in deep out-of-the-money payer options on CDS indices referencing investment grade European entities (agreements where one party has the right to buy protection on an underlying index at a particular price on expiry). The Sub-Fund mainly invests in Europe but may also invest a portion of its assets globally. For reference purposes only, the Sub-Fund compares its performance to the iBoxx Euro Corporates Overall Total Return Index. The Sub-Fund uses various risk management techniques to seek to achieve its objective relative to the risks inherent in the portfolio. As well as using financial contracts (derivatives) with the aim to reduce foreign currency exposure in respect of the assets (hedging), the Sub-Fund will use derivatives for investment purpose. The gross leverage is expected to generally vary between 500% to 600% of the net asset value of the Sub-Fund. The Sub-Fund, which is calculated in Euro, may use hedging to try to reduce the effect of foreign exchange rate fluctuations where investments are denominated in currencies other than Euro. The Sub-Fund is actively managed with no reference to a benchmark.