With this investment strategy, steady performance is the main objective. The investor takes a minimal risk of loss. This strategy is aimed at the conservative investor who seeks consistent above-average capital appreciation. To achieve this goal, investments are made primarily in bond funds with a focus on issuers with an investment grade rating (S&P: BBB or better), irrespective of maturity date. Equity funds and equity/bond mixed funds (maximum weighting of 35%), as well as bond funds invested in issuers with negative ratings (for example emerging markets, high-yield and corporate bonds) are used by management for only so long and to such an amount as it does not believe the investment objective of above-average asset growth to be endangered. An element of investment into open-ended real estate funds, real estate fund of funds and funds with an investment focus on commodity indices/certificates/futures is also possible. Investments are predominantly made into funds where the major investment currency is the Euro, to avoid where possible the necessity to hedge the investments of the investee fund against the Euro.

With this investment strategy, above-average return is the main objective. The investor however accepts greater volatility caused by possible stock price, interest rate and exchange rate fluctuations and also a moderate risk of loss. This strategy is aimed at investors that accept these risks in return for the opportunity to see an appreciation in their investment that is above the yield offered by long term government bonds. To realise this goal, investments are made primarily into equity funds and equity/bond mixed funds (maximum total weighting of each category 65%), as well as bond funds. An element of investment into open-ended real estate funds, real estate fund of funds and funds with an investment focus on commodity indices/certificates/futures is also possible. The investee funds, both bond and equity, may be selected by the management without restriction on their ultimate investments or currencies. Hedging of foreign currencies against the Euro is not required in the investment guidelines of the investee funds.

With this investment strategy, high performance is the main objective. The investor however accepts greater volatility caused by possible stock price, interest rate and exchange rate fluctuations and also a greater risk of loss in specific market phases. This strategy is aimed at investors that accept the risk of greater volatility to achieve the chance to attain a return that lies significantly above the long-term return from top-rated Euro-denominated government bonds. To realise this goal, investments are mainly made into equity funds, equity/bond mixed funds (maximum total weighting of each category 100%) as well as bond funds. An element of investment into open-ended real estate funds, real estate fund of funds and funds with an investment focus on commodity indices/certificates/futures is also possible. The investee funds, both bond and equity, may be selected by the management without restriction on their ultimate investments or currencies. Hedging of foreign currencies against the Euro is not required in the investment guidelines of the investee funds.