The investment objective of the Sub-Fund is to achieve a better performance in the equity markets than the index "MSCI World Value" by investing mainly in shares from international large and mid-caps companies, with an emphasis on cyclical value companies showing high balance sheet and management qualities. The term "cyclical value" refers to the following sectors: industrial, energy, materials, consumer discretionary and financials. These are stocks with higher cyclical sensitivity to the economic cycle than other sectors (e.g. pharmaceuticals sector). The Sub-Fund will follow a purely bottom-up approach aimed at identifying the most attractive stocks in the value and cyclical components of the investment universe. The latter will comprise developed markets companies with a market cap exceeding $ 5 billion or equivalent, with a strong emphasis on quality of the balance sheet, sustainable margins and reliable management teams. There will not be a target allocation between cyclical value or defensive value. The Sub-Fund will also invest in stocks which might not pertain to value sectors, but which show very compelling valuation metrics. In order to safeguard shareholder's best interests and on exceptional market environments the Sub-Fund may also temporarily invest up to 100% in cash, deposits with credit institutions, deposit certificates, investment grade debt securities, as well as money market instruments, traded regularly with a residual maturity not exceeding 12 months.