To seek to maximise income and growth of capital (total return). The Fund mainly invests in investment grade (or comparable) government bonds issued in developed markets (according to the Benchmark) and denominated in, or hedged to, USD. These investments may be from anywhere in the world.

The Fund promotes environmental and social (ESG) characteristics in accordance with Article 8 of the Sustainable Finance Disclosure Regulation (the “SFDR”).

In its implementation of the Fund’s strategy, the Investment Manager integrates environmental, social and governance considerations.

The Fund’s environmental or social characteristics are assessed both quantitatively and qualitatively, by means of sustainability indicators as well as of the Investment Manager’s multifaceted approach to assess ESG factors, which includes ESG proprietary scoring, exclusions and engagement as further described in the website disclosure’s dedicated sections. As part of its investment decision making process, the Investment Manager also uses binding ESG criteria for the selection of underlying assets.

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The Fund does not offer any capital guarantee or protection and you may not get back the amount invested. The Fund is subject to the following risks which are materially relevant:

• Bonds: There is a risk that issuers of bonds held by the fund may not be able to repay the investment or pay the interest due on it, leading to losses for the fund. Bond values are affected by the market's view of the above risk, and by changes in interest rates and inflation.
• Concentrated fund: The fund invests in fewer companies than other funds which invest in shares usually do. This means that the fund does not spread its risk as widely as other funds and will therefore be affected more if an individual company has significant losses.
• Derivatives: The use of derivatives can result in greater fluctuations of the fund's value and may cause the fund to lose as much as or more than the amount invested.
• Fund counterparties: The fund may suffer losses if the parties that it trades with cannot meet their financial obligations.
• Fund currency: Changes in exchange rates between the currencies of investments held by the fund and the fund's base currency may negatively affect the value of an investment and any income received from it.
• Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets, especially to the extent that it invests in developing countries.
• Interest rates: Changes in interest rates may negatively affect the value of the fund. Typically as interest rates rise, bond values fall.
• Liquidity: In certain circumstances it may be difficult to sell the fund's investments because there may not be enough demand for them in the markets, in which case the fund may not be able to minimise a loss on such investments.
• Sustainability: The fund's integration of sustainability risks in the investment decision process may have the effect of excluding profitable investments from the investment universe of the fund and may also cause the fund to sell investments that will continue to perform well. A sustainability risk could materialise due to an environmental, social or governance event or condition which may impact the fund's investments and negatively affect the returns of the fund.

Complete information on the risks of investing in the Fund are set out in the Fund's prospectus.