Anlageziel

The investment objective of the fund is to generate moderate return across the investment horizon mentioned below. The investment process starts with the determination by the Investment Manager of the expected return of each asset class over the next 5 years. These expected returns are the best estimates based on Investment Manager proprietary framework which includes long-term macroeconomic trends in demographics, labor force and productivity to define economic growth, inflation monetary and fiscal policy path as well as multiple valuation metrics over next 5 years. Based on that, an optimization process is used to define the strategic asset allocation.