The Sub-Fund's objective is to seek capital appreciation by investing in a range of diversified transferable securities and/or other liquid financial assets. The Sub-Fund aims to be mainly invested in bonds and other instruments issued by Emerging Market sovereigns, quasi-sovereigns and corporate entities. The Sub-Fund will seek to achieve its objectives through securities denominated in Emerging Market local currencies as well as US dollars and other major currencies. The Sub-Fund may not invest more than 25% of its net assets in investments denominated in a single currency other than the US dollar (unless over such amount, such investments are hedged into US dollars). The Sub-Fund may not invest more than 35% (in aggregate) of its net assets into entities that are not sovereigns or quasi-sovereigns. The Sub-Fund may, on an ancillary basis, hold cash and invest in Money Market Instruments including in money market UCITS or UCIs denominated in US$ or other currencies. Investments made in UCITS and/or UCI may not in aggregate exceed 10% of the net assets of the Sub-Fund. The Sub-Fund may also be invested in financial instruments whose value derives from the value and characteristics of one or more underlying assets (derivatives) and engage in certain techniques for hedging purposes and efficient management of assets including total return swaps, repurchase and reverse repurchase agreements, subject to the limits in the Prospectus. The Sub-Fund primarily uses an active, macro top-down approach to investment management. Considering the recommended holding period of 5 years being compatible with a medium to long-term investment horizon, the performance of the Sub-Fund depends on the medium to long-term performance of the aforementioned investments.