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SELECTRA INVESTMENTS SICAV – SHIELD OPPORTUNITIES FUND sub-fund shall be actively managed with the objective of obtaining capital growth by investing in liquid equities listed on the main stock exchange markets of Europe, Asia and the US and in a diversified range of debt securities of any kind, including but not limited to government bonds, investment-grade bonds, high yield bonds (up to 30% of the NAV), convertible bonds, floating-rate notes, inflation-linked bonds/notes and money market instruments, issued or guaranteed by sovereign, supranational or corporate issuers, denominated in any currency. High yield bonds will include senior unsecured bonds of mainly European issuers, as well as subordinated debt of non-financial issuers (hybrid bonds) and subordinated debt of financial issuers. The sub-fund does not track nor measures its performance against a benchmark index. General weightings of the sub-fund’sportfolio shall be 70% of the sub-fund invested in equities, 25% in fixed income securities and 5% in cash.

General weightings of the sub-fund portfolio shall be 70% of the sub-fund invested in equities, 25% in fixed income securities and 5% in cash. The expected breakdown between investments in European, Asian and US markets securities shall be 60% Europe, 30% US and maximum 10% China including other emerging markets (more precisely, 6% in American Depositary Receipts - ADR - and 4% in emerging markets UCITS ETFs). With reference to the investments in other emerging markets, the sub-fund may invest indirectly in India, Hong Kong and Brazil mainly by means of American ADRs, UCITS ETFs or by single stocks investments. The sub-fund may invest in Chinese stocks listed on US stock exchanges and, marginally, in Hong Kong listed Chinese stocks (in aggregate < 5%="" of="" the="" nav).="" the="" sub-fund="" shall="" not="" invest="" in="" china="" markets="" via="" the="" qualified="" foreign="" institutional="" investor="" (qfii)="">

The net equity exposure might be taken down to zero through derivatives at the discretion of the appointed investment manager.

The remaining assets of the sub-fund may be invested in bonds of various maturities including but not limited to convertible bonds, fixed or floating rates, zero-coupons, government, or corporate bonds, both investment and non-investment grade, issued by issuers domiciled in OECD member countries and/or transferable securities issued by companies established in emerging countries.

The sub-fund shall not invest in REITS, ABS and/or MBS and may invest a maximum of 10% of its net assets in CoCos.

The sub-fund may invest in distressed or defaulted securities expected up to 5% of the NAV.

The sub-fund shall not invest in Chinese fixed income securities.

The sub-fund may invest up to 10% of its net assets in UCITS and/or other UCIs (including “ETFs” qualifying as UCITS and/or UCIs which are domiciled in the EU and in the UK), whose purpose is to invest in a flexible way (from 0% to 100%) in a broad range of asset classes such as equities, debt securities of any kind, government bonds, investment grade bonds, high yield bonds, convertible bonds, floating rate notes, financial derivatives, cash and cash equivalents, money market instruments, real estate indices, financial indices, commodity certificates and commodity indices.

The sub-fund may use techniques and instruments in order to promote an efficient portfolio management, in accordance with the restrictions set forth in this prospectus. Derivatives may include (but are not limited to) forward exchange transactions, futures (e.g. on indices such as Eurostoxx, DAX , FTSE MIB, CAC 40, S&P, Nasdaq, etc.), futures options, index options, equity swaps and contracts for difference (“CFD”). Derivatives may be used to take rising or falling positions on all the markets included in the sub-fund’s investment policy and the underlying may be individual instruments or baskets of instruments or financial indices, as indicated above. It is specified that the sub-fund may invest in derivatives not only for the purpose of hedging but also in order to achieve its investment objectives.

The sub-fund's total commitment to financial derivative instruments is limited to 100% of the sub-fund's total net assets, which is quantified as the sum, as an absolute value, of the individual commitments, after consideration of the possible effects of netting and coverage. The sub-fund will make use of financial derivatives instruments in a manner not to materially alter its risk profile over that which would be the case if financial derivatives instruments were not used.

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