GANADOR - Spirit Bond Macro Allocation - DI EUR/  LU2669770260  /

The sub-fund's investment policy is aimed at capital preservation and medium to long-term capital growth through exposure to the bond market. The sub-fund aims to utilise opportunities on the bond market through ??exible allocation, risk management and selection of underlying assets. The sub-fund does not track a securities index, nor is the fund management for the sub-fund based on a ??xed benchmark. The fund management actively decides on the selection of assets at its own discretion, taking into account the investment policy. This sub-fund is a ??nancial product that promotes environmental and social characteristics and quali??es in accordance with Article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the ??nancial services sector. The sub-fund is managed on the basis of two main pillars: a macroeconomic approach to determine the allocation by market segment, followed by the selection of securities and the implementation of the hedging measures necessary to ful??l this allocation. The sub-fund is managed using a top-down approach for allocation and a bottom-up approach for security selection. The top-down approach is based on an analysis of the macroeconomic situation using indicators such as in??ation, growth, employment, production/service activity, monetary policy trends, etc. Once this scenario has been determined, the impact on the bond markets is analysed, from which the portfolio allocation is derived (credit exposure or not, duration calibration, etc.). The bottom-up approach is then applied to compile the assets corresponding to this allocation. This is done by analysing the issuers based on external research, rating agency reports and the portfolio manager's analysis. The optimal curve points are then analysed to arrive at the bond selection. The sub-fund must comply with restrictions in terms of interest rate sensitivity (duration), exposure to high-risk assets (high-yield and unrated) and net exposure to currencies other than the reference currency (EUR). In terms of duration, the sub-fund can develop within a range of -3 to +8, although the individual assets are not subject to any duration restrictions. Active investment in equities is excluded. More than 50% of the sub-fund's net assets may be invested in money market instruments, sight deposits, deposits, liquid assets and bonds from public and private issuers. Less than 50% of the sub-fund's net assets may be invested in units of UCITS or other UCIs ("target funds"), the sub-fund is therefore not eligible as a target fund. The fund pursues an income- and growth-orientated investment strategy that is geared towards medium to long-term capital appreciation. For all investments in investment units, securities and money market instruments, it should be noted that, despite careful selection of the assets, it cannot be ruled out that losses may occur as a result of the issuer's loss of assets or due to price losses.

The sub-fund's investment policy is aimed at capital preservation and medium to long-term capital growth through exposure to the bond market. The sub-fund aims to utilise opportunities on the bond market through ??exible allocation, risk management and selection of underlying assets. The sub-fund does not track a securities index, nor is the fund management for the sub-fund based on a ??xed benchmark. The fund management actively decides on the selection of assets at its own discretion, taking into account the investment policy. This sub-fund is a ??nancial product that promotes environmental and social characteristics and quali??es in accordance with Article 8(1) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the ??nancial services sector. The sub-fund is managed on the basis of two main pillars: a macroeconomic approach to determine the allocation by market segment, followed by the selection of securities and the implementation of the hedging measures necessary to ful??l this allocation.