The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in EUR-denominated below investment grade corporate debt securities which are issued or guaranteed by issuers domiciled, or carrying out the main part of their economic activity, in a European country. The Investment Manager aims to outperform the ICE BofA Euro Developed Markets High Yield Constrained Index over a typical credit cycle (typically 5-7 years) through bottomup, fundamental security selection.