Copyright Qode Interactive 2016
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Any environmental, social or governance event or state that, if it occurs, could have a material negative effect on the value of the investment.


The investment process takes into account sustainability risks and is based on third-party analysis. The Manager includes in its methodology available information published by the issuers of the assets in which it invests and/or may take into account the ESG ratings provided by external providers.


The approach does not exclude sectors or companies. It is an integration approach, as one added factor considered when selecting investments.


The sustainability risk of the investments will depend, among others, on the type of issuer, the activity sector or its geographical location. In this way, investments with a higher sustainability risk may cause a decrease in the price of the underlying assets and, therefore, negatively affect the net asset value of the participation in the fund.



The Manager does not take into account adverse impacts on sustainability factors as it does not currently have due diligence policies in relation to such adverse events.