Anlageschwerpunkt NEF Ethical U.S. Equity - R EUR ACC

The objective of the Sub-Fund is to achieve total return, primarily through capital appreciation and secondarily through dividends, by investing primarily in equity securities from issuers domiciled in the USA. The Sub-Fund is actively managed in reference to the benchmark MSCI USA Net Total Return USD Index (EUR unhedged) (the 'Benchmark'). The Benchmark is not replicated, it merely serves as a starting point for investment decisions. The investment manager seeks to outperform the Benchmark. The composition of the Sub-Fund and its performance may positively or negatively deviate significantly from the Benchmark. Q The Sub-Fund has the flexibility to invest in American Depository Receipts and American Depository Shares listed on the major U.S. stock exchanges. From time to time the Sub-Fund may employ hedging techniques. Q In accordance with article 7 (1) of SFDR, the principal adverse impacts on sustainability factors are not considered as the investment strategy does not pursue environmental or social characteristics and does not have sustainable investments as its investment objective. Q Given the above investment objective and policy and the risk and reward profile of the product, the recommended holding period is 5 years.