Dear Shareholder, The Company’s board of directors (the "Board") hereby informs you that the prospectus of the Company (the “Prospectus”) has been updated in order to clarify how environmental, social and governance (ESG) factors are integrated into the investment decisions.
1) Update of the investment policy
The first paragraph of the investment policy has been clarified as follows:
“The sub-fund invests mainly in government and corporate bonds of any credit quality from Asian Pacific countries, excluding Japan, that mature on or before 31 December 2023. ESG (Environmental Social Governance) characteristics are assessed and integrated into the Investment manager’s analysis of the target investments as further detailed under “ESG (Environmental Social and Governance) Integration” below.”
The description of the investment strategy has been clarified as follows:
“Strategy The investment manager uses a long only approach that is based on global economic and financial analysis as well as analysis of companies’ balance sheets and insights into sovereign debt fundamentals. The investment manager may also use arbitrage strategies in the event of market opportunities or changes in companies’ risk profile.
The Investment determines an ESG profile of the government and corporate bonds based on qualitative and quantitative data sourced on an on-going basis from public data and from information collected during the due diligence stage (including interviews with management of corporates, official announcements and publications).
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