The sub-fund BCV (LUX) Active Defensive (CHF) is aiming to achieve gradual growth in capital whilst minimising the risk of losses being incurred by employing a flexible and diversified asset allocation. The sub-fund aims to have broader exposure to fixed-income securities, cash and/or money-market instruments than to equities, with its currency exposure predominantly geared towards the Swiss franc. The purpose of investments in alternative investment vehicles is to lessen the degree of volatility in the sub-fund so that it involves a moderate degree of risk. The sub-fund is particularly well suited to investors with a conservative approach looking for a gradual increase in their capital.