Description
Over 50% will be invested in collective financial investment schemes with suitable assets, whether harmonised or not, including those of the CaixaBank Group, the latter mainly in CaixaBank Master funds.
Between 0 and 100% of total exposure will be invested directly or indirectly in equity securities (normally 65%), with no predetermination as to the percentage distribution by type of country, issuer, market, market capitalisation or economic sector. The total investment (direct and indirect through CIIs) in emerging market equities and emerging market bonds shall not exceed 40% of the total.
The remainder will be invested in public/private fixed income (including deposits and money market instruments not traded on organised markets), with at least an average credit rating (minimum BBB-) at the date of purchase, or, if lower, that of the Kingdom of Spain at any given time; and up to 20% in low quality (below BBB-) or unrated bonds. Assets can be held in the portfolio in response to downgrades. The average duration of the fixed income portfolio will range from 0 to 8 years. There are no currency exposure limits. A maximum of 5% can be invested in convertible bonds.