The Product's investment objective is to outperform its benchmark using discretionary management on all bond markets from emerging countries. The Product's investment strategy consists in constructing a portfolio that represents the Investment Manager's expectations on all bond markets and currencies from emerging countries. Geographic diversification includes the countries of Latin America, Africa, the Middle East, Asia, and Central and Eastern Europe. The objective of the Product is to invest in bonds and Money Market Instruments, for minimum 80% and up to 110% of its net assets. At least 60% of the Product's net assets are permanently invested in emerging debt markets. The Product may invest up to 110% of its net assets in high yield bonds with a rating higher than CCC+ (i.e. with a rating lower than BBB- but higher than CCC+ according to Standard & Poor's, or an equivalent rating). Furthermore, at the discretion of the investment manager, the Product may invest up to 30% of its net assets in high yield bonds with a rating below the limit of B- (according to Standard & Poor's, or an equivalent rating) including up to 10% of its net assets in distressed securities. In the event of a rating downgrade of an issue, the investment manager will act according to his expectations and in the interest of investors and may continue to hold these debt securities which have been downgraded and the 10% limit for investment in distressed securities may be exceeded, up to a maximum of 20% of the Product's net assets.