Anlageziel Capeo Umbrella Funds-Capeo Dynamic Credit Opportunities Fund USD R Fonds

The investment strategy is based on a quantitative model, which generates a momentum signal for entry and exit points into the US and Global High Yield bond market according to multiple top-down macro and technical data points. According to the signal‚ the sub-fund seeks to implement its investment objective by primarily investing in a diversified portfolio of high yield fixed income mutual funds or in cash through various cash management solutions. The strategy seeks to participate in above average returns during investment periods by making use of leverage. The selection of the respective investment periods is based on the academically provenmomentum strategy. The main objective of the approach is a significant reduction of absolute losses ("drawdown reduction") as well as the long-termrisk-weighted outperformance compared to the US and Global High Yield fixed income markets.