Investment policy

This is a Direct Single-Strategy Absolute Return Investment Fund. The Fund's objective, not guaranteed, is the protection and optimization of medium-term wealth. To achieve this, it applies proprietary management techniques developed entirely by GVC Gaesco, systematized and optimized during an 18-year backtesting period (between December 1988 and December 2006). However, since the investment in the Fund is subject to market fluctuations and other risks inherent in investing in financial instruments, the net asset value and the returns obtained can experience variations both upwards and downwards, and there is a possibility that an investor may not recover the initially invested amount. The Fund capitalizes on market trends in Equities, investing more as markets become healthier and divesting as markets degrade, i.e., when the relationship between volatility and returns becomes less attractive. The investment process is clear and disciplined, leveraging and optimizing years of market experience to distinguish between market noise and structural movements, thus avoiding the subjective influence of emotions. Equity markets are considered separately in 8 different sub-markets; four have a geographic nature and the other four have a style nature. Investment decisions are made based on each market, with each having a maximum investable portion of around 12.5%. No leverage is used. Investment in equity markets is implemented using only equity index futures and exchange-traded funds (ETFs) on equity indices, both in organized markets. The equity investment range is quite wide (0%-100%), providing great flexibility and agility to adapt to market fluctuations. ETFs on equity indices will not account for more than 10% of assets. The strategy only employs long positions. The portion not invested in equities will be invested in the money market and fixed income, primarily denominated in euros. These investments can have both public and private issuers, with an investment-grade rating by Standard & Poor's and a portfolio duration of less than 2 years. Starting from February 12, 2016, this Fund has acquired the category of a Subordinate Fund (Feeder) of the Luxembourg Fund Pareturn GVC Gaesco Patrimonial Fund (Master), both managed by GVC Gaesco Gestión SGIIC. The subordinate Fund is classified as ABSOLUTE RETURN, with an annualized volatility below 10% and an average annualized volatility, under normal circumstances, of 6%.

Class I