The Product seeks to outperform of the following composite net return index denominated in Euro: 35% MSCI Nordic, 25% DAX, 15% SMI, 15% AEX, 10% MSCI UK TR UK Net Local Currency calculated with dividends net of withholding taxes reinvested, over the recommended investment term. Investors' attention is drawn to the fact that the management style is discretionary and integrates environmental, social / societal and governance (ESG) criteria. The Product will invest at all times at least 90% of its total assets in equities of issuers listed on North European stock exchanges (Britain, Ireland, Benelux, Norway, Sweden, Finland, Denmark, Germany, Swiss, Austria) in all market capitalisation or exercising the preponderant part of their economic activities in North Europe. The selection process carried out by the Management Company is based on picking stocks according to their intrinsic worth (an in-depth analysis of fundamentals is conducted in-house) as opposed to a mere replication of the composition of the benchmark index. The Product may at any time invest in: Equities of issuers having their registered office in the North Europe: from 80% to 100% of its net assets, Equities outside the North Europe: from 0% to 10% of its net assets, Equities with total market capitalisation below 200 million EUR up to 10% of its net assets, Fixed income securities and money market instruments or deposits if market conditions are unfavourable: from 0% to 10% of its net assets, Other financial instruments up to 10% of its net assets. Exposure to exchange risk may reach 100% of the Product's net assets.Investment in "speculative grade" or non-rated debt securities (i.e. which have a Standard & Poor's rating below A-3 short term rating or BBB- long-term rating or equivalent) may not exceed 10% of its net assets.