The objective of the Class is to provide its participants with real appreciation of their shares over the medium and long term by investing in a diversified portfolio of securities, with the principal risk factor being the price fluctuations of shares admitted to trading on the spot market of a stock exchange or an organized over-the-counter market entity, in compliance with applicable legal and regulatory limitations.<\/p>\n<\/div><\/div><\/div>
The objective of the Class is to achieve medium- and long-term appreciation of its shares, with the principal risk factor being the price fluctuations of shares admitted to trading on the spot market of a stock exchange or an organized over-the-counter market entity. This is pursued through an investment policy focused on securities issued by companies selected on the basis of fundamental analysis and deemed by the Manager to offer strong profitability prospects, in compliance with the limitations set forth in the Regulation and applicable legal and regulatory provisions. The Class may also make investments abroad, subject to the limits and restrictions established by prevailing law.<\/p>\n
The Class will invest at least 67% of its net assets in variable-income financial instruments and\/or operational modalities whose principal risk factor is the price fluctuation of shares admitted to trading on the spot market of a stock exchange or of an organized over-the-counter market entity, in accordance with applicable legal and regulatory limitations. The remaining portion may be invested in any financial instruments and\/or operational modalities permitted by the regulations.<\/p>\n
* See detailed description in the bylaws.<\/p>\n<\/div><\/div><\/div>
The Class is intended for professional investors, as defined by current regulations.<\/p>\n<\/div><\/div><\/div>
The Administrator\u2019s risk\u2010evaluation and management framework permeates every stage of the investment process. Risk isn\u2019t distilled into a single numeric metric but is treated as an integral variable throughout the bottom-up fundamental-analysis workflow. In measuring portfolio risk, emphasis is placed on the idiosyncratic risk profile of each holding, while sector diversification and its impact on overall concentration are also rigorously assessed.<\/p>\n
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The Class\u2019s principal risk factors include:<\/p>\n
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Capital Loss Risk<\/strong>: The investment strategies employed by the Class and the Master Class may expose investors to significant capital losses, up to and including a total loss of invested principal.<\/p>\n<\/li>\n Market Risk<\/strong>: Adverse swings in asset prices and market quotations can materially erode the net asset value of both the Class and the Master Class.<\/p>\n<\/li>\n Liquidity Risk<\/strong>: A downturn in demand for Master Class securities may impair the Class\u2019s ability to meet redemption requests in an orderly fashion, potentially resulting in substantial liquidation losses.<\/p>\n<\/li>\n Concentration Risk<\/strong>: Holdings of the Class and the Master Class may be skewed toward a small number of issuers, heightening exposure to issuer-specific shocks and driving NAV volatility.<\/p>\n<\/li>\n Derivative Risk<\/strong>: Use of derivative instruments as part of the investment policy can generate outsized losses for Master Class participants and, by extension, for Class investors.<\/p>\n<\/li>\n Credit Risk<\/strong>: Both the Class and the Master Class face counterparty and issuer default risk, which may diminish income and impair invested capital. Material changes in issuers\u2019 financial, economic, or political circumstances can significantly weaken asset valuations and marketability.<\/p>\n<\/li>\n For a full assessment, please refer to the fund\u2019s bylaw for detailed disclosures.<\/p>\n<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div>