Description
The fund will invest directly or indirectly through CIS in equity assets, mainly in OECD countries, up to a maximum of 10% of total exposure, with no predetermined size of capitalisation. Exposure to equity securities of entities located outside the euro area, plus exposure to currency risk, may not exceed 30%.The remainder will be invested directly, or indirectly through CISs in public and private fixed income assets (including deposits, and listed and unlisted money market instruments, providing they are liquid), mainly in the Eurozone. Issues will have at least a medium credit quality (minimum BBB-) or, if lower, that of the Kingdom of Spain at any given time, and a maximum of 25% of low credit quality (below BBB-). The affected positions may remain in the portfolio in the event of sudden rating downgrades. The average duration of the fixed income portfolio will be between 3 months and 4 years.For emerging markets and issuers, the maximum exposure may be 15%.The recommended time horizon is 3 years.