The investment objective of IVO FUND - IVO EMERGING MARKETS CORPORATE DEBT Sub-fund is to deliver a greater performance than the following reference index for a recommended investment horizon of 3 years: EURIBOR 3 months. The investment universe is globally diversified. Depending on opportunities, the Sub-fund will invest in either sovereign or corporate bonds. The Sub-fund will invest regardless of credit rating, currency and debt ranking considerations (senior and/or subordinated debt). The Sub-fund's portfolio will invest in debt securities and money market instruments, such as (but not only) corporate and/or government bonds, Treasury bills and certificates of deposit, etc. The portfolio will include a selection of bonds considered as having the best growth perspectives and the best risk/return profile. Following a "bad country/good companies" strategy, the Sub-fund seeks to take advantage from macroeconomic stress periods in a country and/or a sector, in order to invest in good quality companies with attractive yield and income carry. The global duration of the portfolio should be less than 15 years. The Sub-fund will be managed following a « picking » strategy aiming at benefitting from the fluctuations of international bond markets. Maximum exposure to a country will be 40%. Regarding rates, the Sub-fund's objective is to take advantage of the evolution of interest rates, through the increase or decrease of the Subfund's sensitivity, depending on markets valuations and on the manager's own economic forecasts.