The equity exposure 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 primarily - if not wholly - 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 because valuations are high and/or in the event of negative macroeconomic developments. The Sub-fund invests up to 100% of its net assets in Italian equities, and up to 10% of its net assets in equities issued by non-Italian companies, including emerging markets companies. As a result of the use of derivatives, the Sub-fund"s overall exposure to equities may be as high as 130% of its net assets. In the circumstances described in the Investment Strategy above, 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 companies, and up to 45% in debt securities and money market instruments issued by non-European issuers. The Sub-fund invests up to 30% of its net assets in debt securities and money market instruments with a sub-investment grade rating.