Risks of a general economic and political nature
The Fund’s investments are subject to risks of a general economic nature, such as a decline in commercial activities, a rise in interest rates, inflation and a rise in the prices of raw materials. The value of the Fund's investments can be influenced by political developments and terrorist activities.

Market risk
There are financial risks involved in investing in shares. Investors must realize that the share price of the securities in which the Fund takes positions can fluctuate. In the past, stock markets have generated favourable returns. But this offers no indication or guarantee for the future. Because of price fluctuations, the Fund’s Net Asset Value can be subject to fluctuations too - which can mean that Unit-holders will not receive their entire investment upon termination of their participation in the Fund.

Risk that investments don’t develop as expected
The Fund is aiming for an average annual return in the medium term (3 to 5 years) of 15% after deduction of all costs. However, there is no guarantee that the targeted return will be achieved. No guarantee of any kind can be given that the Manager's analyses of expected developments in the short or long term are correct. If the Manager assesses the development of an investment ' s value wrongly, this can lead to a loss for the Fund if the market value of a purchased investment drops or, in the case of a short position, the market value of the sold shares rises.

Concentration risk
Because investments will only be made in about 15 to 30 companies, this can lead to wider fluctuations in the Fund’s Net Asset Value than if investments were spread more widely. Because of the Fund’s strategy, its return can differ significantly from the world share index. This gives rise to specific risks that can result in considerable differences in the performance of the Fund and the world share index, both in the positive and the negative senses.

Leverage effect
The Fund can invest with borrowed money (leverage) up to 25% max. of the value of the Fund’s Net Asset Value. This can give rise to greater profits as well as greater losses (the so-called ‘leverage effect’). There will also be interest charges.

Short positions
In theory, the possible loss on these positions is unlimited, while the possible profit cannot go above the amount of the investment.

Currency risks
The Fund does not hedge currency positions. This means that investments in currencies other than the Euro could give rise to fluctuations in the Fund's Net Asset Value, both positive and negative.

Derivatives
It will be possible for the Fund to use quoted derivatives in order to protect positions taken. These products can behave in an extremely volatile manner, which means their use can have great influence (both positive and negative) on the value of the Fund.

Historical relations and correlations
Optimising the Fund’s portfolio will be based on (historical) correlations between shares mutually and between shares in relation to an index. These historical relations can change and correlations can change in times of major market tensions. The aforementioned can give rise to greater volatility in returns, both positive and negative.

The liquidity risk of investments
The Fund will in particular take positions in companies with a market capitalisation of less than €2.5 billion. In general, these are less marketable.

Risk of changes in the (fiscal) law
This is the risk that the fiscal treatment of the Fund changes in the negative sense or that different legislation is enacted that has a negative influence on the Fund and its Unit holders.