The investment objective of the Fund is to generate absolute returns, investing in long and short positions in transferable securities, mainly equities and equity-related securities admitted to or dealt in on a Regulated Market and issued by companies domiciled in, or with main activity, in all countries of Europe. The investments will be made according to expected performance; sectors, countries and currencies may be overweighted or underweighted accordingly. The short positions will only be taken via derivatives. The investments in this Fund will be made using focused investment style. The Fund will use a Value-at-Risk (VaR) approach (representing the maximum loss not exceeded with a given probability defined as the confidence level, over a given period of time) to monitor the portfolio's global exposure in particular relating to derivative instruments. On a daily basis, the absolute VaR over a monthly time horizon on all positions in the Fund's portfolio cannot exceed 20% of Net Asset Value with a 99% confidence interval. The use of derivatives generates a possibility of leverage in the Fund. The leverage of the Fund is not expected to exceed 100%. Usually the expected level of leverage is 60-70%. The level of leverage may vary over time. Leverage is measured by using the sum of notionals approach. The Fund has no benchmark.