The objective of the BCV Responsible Physical Gold sub-fund is to generate a long-term performance comparable to that of gold, by investing almost all of its assets directly in physical gold, in the form of ingots of 1 kg with a purity of at least 999/1000 or standard bars of approximately 12.5 kg with a purity of at least 995/1000. In addition to its financial objective, the sub-fund seeks alignment with the sustainability objective aimed at ensuring transparency of the origin of physical gold. It invests in traceable industrial gold and certified artisanal gold from mines selected according to recognised sustainability methodologies and standards. The sub-fund is passively managed and no active management is implemented to limit losses in the event of a possible drop in the price of gold.