The objective of the Sub-fund is to outperform the Euro Stoxx Total Return index (with dividend reinvested) over a minimum recommended five-year investment horizon. Stock-picking draws on an in-depth analysis of fundamentals to identify quality companies which are undervalued, i.e. the stockmarket price does not represent the estimated intrinsic value of the company, without any sector or market capitalisation restrictions for the targeted companies. The portfolio structure does not need to reflect the composition of the benchmark index.