The objective of this sub-fund is to provide its investors with a capital appreciation by means of a portfolio consisting mainly of bonds denominated in EUR. Portfolio management is dynamic and non-index-linked in order to achieve a reward/risk ratio higher than the one of the main bond indices. The manager uses a "top-down" approach the starting-point of which is the "Fog-lights.com" econometric models created in-house. Their aim is to explain and forecast the main macro-economic variables that influence the markets. An in-depth macro-economic analysis on the model's advance indicators basis allows one to anticipate the trend in economic cycles, inflation and interest rates not only at global but also at local scale. The manager then takes active decisions on the average duration, the risk premium (debtor quality), geographic allocation and the average yield curve of the portfolio. The advantage of using the models is that they make for a more disciplined and less subjective style of management. When selecting bonds, particular attention is paid to risk management. In general, the fund invests only in high-quality bonds (minimum rating A) and having an abundant market liquidity (minimum issue USD 500 million). Allocation by debtor type (supranationals, governments and corporates) and by geographic regions is diversified at all times. Actual inception date is March 8th 2002.