The objective of the sub-fund is to provide its investors with a long-term capital appreciation through active management of a mixed (balanced) portfolio. The fund is invested in global equities, in bonds and in cash. A portion of 10-15% is allocated to alternative investments. Management remains dynamic and flexible in order to adapt the portfolio to the economic and stock market environment. The manager follows a top-down approach to determine asset allocation. This macro-economic analysis is based on the use of the "Fog-lights.com" quantitative forecasting models developed by the manager and his team. "Fog-lights.com" is also used to determine the weighting of the various sectors and the duration of the fixed income component. In choosing individual stocks, the manager favours a value approach. The fixed-income portion is made up of bonds issued by first-rate states, agencies or companies. The qualitative criteria of investments are the future growth of the sector, the quality of the management, the strategy and competitiveness of the company. The quantitative analysis relates mainly to earnings growth, the capacity to generate significant free cash flows, the cost control and profitability. The equity component of the portfolio is generally less volatile than the related indexes because the investment philosophy favours the selection of under-valued stocks. The alternative investment component consists of a selection of the best managers in the industry. Its purpose is to generate an absolute performance having little correlation with the traditional markets and to reduce the volatility of the portfolio.