The Sub-fund aims to achieve its investment objective by actively managing a portfolio of equities issued by European companies, and debt securities issued by European governments and/or European companies. Exposure to equities and debt securities is actively managed and depends on, among other factors, the overall valuation of the equity markets. The lower and more opportunistic the assessment of the overall value of equity markets, the higher the net exposure of the Sub-fund to equities, and vice versa. Although the Sub-fund will normally be invested in equities, the Management Company may reduce or even eliminate the equity component of the portfolio and invest exclusively in money market instruments and debt securities during periods when, in the opinion of the Management Company, there are not sufficient opportunities to invest in equities with attractive returns because equity valuations are high and/or in the event of negative macroeconomic developments. The Sub-fund invests up to 70% of its net assets in equities issued by European companies. In circumstances such as those described above in the investment strategy, the Sub-fund may also invest up to 100% of its net assets in debt securities and money market instruments issued by European governments and/or corporations. The Sub-fund invests up to 30% of its net assets in debt securities and money market instruments with a sub-investment grade rating. The Sub-fund may also invest up to 40% of its net assets in equities and/or debt securities issued by non-European issuers, including up to 15% of its net assets in emerging markets issuers. The Sub-fund uses the main derivative financial instruments for investment purposes and/or for hedging purposes. The Sub-fund may also invest in total return swaps (TRS). Gross exposure to TRS shall not exceed 20% of the net assets of the Sub-fund and it is envisaged that this exposure will remain between 0% and 15% of the net assets of the Sub-fund. The Sub-fund aims at maintaining a leverage effect lower than 200%, calculated on the total of all derivative financial instruments' notional amounts.