The Sub-Fund is actively managed by reference to and seeks to outperform (after applicable fees) the Bloomberg Global Aggregate Corporate Index Total Return USD Unhedged Index (the Benchmark) over a recommended holding period of at least 3 years without targeting a particular level of outperformance. The Sub-Fund is mainly exposed to the issuers of the Benchmark, however, the management of the Sub-Fund is discretionary, and will be exposed to issuers not included in the Benchmark. The Sub-Fund monitors risk exposure in relation to the Benchmark however, the extent of deviation from the Benchmark may be limited.