Risk profile: Medium
Management type: Flexible with VaR
Annual return target: 4-5% per annum*
Time horizon on the line: at least 3 years
Risk: average of the last 52 weekly VaR readings, maximum 6% with a time horizon of 1 month and 95% confidence interval

The investment objective is to generate stable results over the long term, while maintaining a low correlation and a better risk-return ratio than the reference markets. The strategy is dynamic and may change over time as a result of trends and volatility in the financial markets.

The line invests in bonds and equities, commodities, currencies and alternative strategies by participating in financial markets through a predominant allocation to risky assets during periods of economic expansion and a more conservative allocation during adverse market phases, typically characterised by high volatility.

The portfolio is primarily constructed through investment Funds managed by a selection of the best managers globally.

*The annual return targets of the investment lines are only forecasts and are not to be interpreted as minimum returns and/or guaranteed returns.