The Investment Objective of the Sub-Fund is to achieve positive riskadjusted returns to investors primarily through opportunistic investments in credit markets. The Sub-Fund invests in a range of financial instruments which mainly reference credit indices such as iTRAXX Main Index and Markit CDX North America Investment Grade indices and companies based in Europe and North America. These financial instruments include total return swaps (agreements to exchange a particular asset for the performance of another over a set period of time), credit default swaps (agreements where one party covers a potential loss with reference to a debt instrument in return for a periodic payment), options (agreements where one party has the right to buy or sell a financial instrument at a particular price within a fixed term) and tranches on such credit indices (agreements where one party covers a particular portion of the potential loss on an index in return for a periodic payment). The Sub-Fund invests in credit opportunities that the Investment Manager considers will generate returns (long positions) and bets against (take short positions) credit opportunities it believes will drop in value. The Investment Manager seeks to identify investment opportunities where it believes that the current market value of the investment does not reflect the inherent value of the investment. 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) to efficiently manage the portfolio and 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 not expected to exceed 3500% of the 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.