→ Risk of loss of capital: the fund does not include any guarantee of performance or capital, it may have a negative performance, the capital invested may not be returned.

→ Discretionary management risk: this risk mainly consists of two components linked to the manager’s expectations and choices, and those linked to the evolution of financial markets and assets. There is a risk that the Fund may not be invested in the best performing markets or assets.

→ Risk linked to flexible exposure and the use of derivatives: risk linked to the degree of equity exposure of the fund, the net asset value of the fund may fall more than the markets in which the portfolio is invested.

→ Equity risk: the equity markets may experience strong fluctuations or even a significant decline. In addition, the fund may be exposed to small-cap stocks, as well as stocks from emerging countries, which due to their specific characteristics may present risks for investors.

→ Sustainability risk: the UCITS is exposed to the risk that an event or situation in the environmental, social or governance field, if it occurs, may have a significant actual or potential negative impact on the value of the securities in the portfolio.

→ Other risks: interest rate risk, credit risk, currency risk, convertible bond risk, risk of using speculative securities, subordinated securities risk, commodity risk, risk of using derivatives, counterparty risk, liquidity risk.

The risks are detailed in the prospectus.