The investment objective of the BCV Commodity Subfund is to generate returns close to or greater than those of the commodities market by focusing on a "long only" approach. The Subfund includes the four main commodity sectors, namely energy, base metals, precious metals, and agricultural material. The portfolio is managed according to a fundamental approach based on the portfolio manager's convictions. At least two-thirds of the Subfund's assets are invested in commodities and precious metals. This exposure is achieved primarily via derivatives (swaps and futures). Shares in collective investment schemes and structured products are each limited to a maximum 10% of the fund's assets. Currency risk is hedged via derivatives (forward contracts).