Anlageschwerpunkt NEF Emerging Market Bond - R EUR ACC

The objective of the Sub-Fund is to achieve capital appreciation by investing mainly in a diversified portfolio of mid and long term bonds (including convertible bonds, warrants on transferable securities, zero coupon bonds and treasury bonds with no rating constraint) issued by or guaranteed by national governments or government agencies from non G- 7 States (G-7 consists of Canada, France, Germany, United States, United Kingdom, Italy and Japan). The Sub-Fund is actively managed in reference to the benchmark ICE BofA Emerging Markets External Sovereign Index (excluding constituents rated below B- (B minus)) (EUR hedged) (the 'Benchmark'). For the construction of the portfolio, the Benchmark serves as reference in terms of overall exposure to risk factors including country, interest rate, credit and currency positions. Amplitude of deviations from the Benchmarks vary depending on the degree of conviction of the investment manager. Emphasis is placed on bonds issued in the following currencies: Euro, Japanese Yen, Pound Sterling, US Dollar. Financial techniques and instruments for hedging and/or non hedging purposes may be used. Financial techniques and instruments for hedging and/or non hedging purposes may be used. Such financial techniques and instruments shall be used only to the extent they do not hinder the quality of the investment policy of the Sub-Fund.