Phileas L/S Europe - I EUR DIS

The objective of the Fund is to deliver, over the recommended investment period, absolute performance, decorrelated from equity markets, with lower volatility than equity markets gauged by the DJ Stoxx 600 index. The type of financial investment management undertaken is 'Long/Short equity'. This type of investment management is based on a discretionary stock-picking process combining: ? long positions in stocks considered undervalued ('Long' portfolio) ? short positions in stocks considered overvalued, as a hedge against the long positions ('Short' portfolio) Net portfolio exposure to the equity market ranges between -20% and +20% of assets. Gross exposure (Long + Short) is limited to 200%. Positions are built up either through the direct purchase of equities or through the use of derivative instruments, traded over-the-counter or on the listed market, such as swaps, contracts for difference (CFD) or futures contracts. Investment universe : European equities (European Economic Area, Switzerland, United Kingdom). The FCP also reserves the possibility of investing up to 25% of its assets in issuers located outside Europe, notably in the United States and Canada. The FCP is likely to invest in equities of any size of market capitalization. The share of small and mid caps (less than 2 billion euros) may not exceed 20% of the assets.