The investment objective of the Sub-Fund is to invest its assets primarily in bank deposits and money market instruments (principally denominated in US dollar or other currencies linked to the US dollar). Secondarily the Sub-Fund invests in investment and non investment grade transferable debt securities (incl. fixed and variable interest rate securities) such as government bonds and corporate bonds, admitted to an Official Listing or dealt in on a Regulated Market and denominated in US dollar or other currencies hedged against the US dollar, as well as in structured financial instruments and financial derivative instruments for the purposes of efficient portfolio management or hedging. The Sub-Fund is not allowed to invest in equity securities. Liquidities, undertakings for collective investments, financial derivative instruments, structured financial instruments, securities lending and repurchase agreements may be used within the limits described in sections 3.1. and 4. in the full Prospectus.

US economy showed moderate resilience during Q3, with GDP growth towards 2% and consumer spending remaining firm despite softer labor data. Tariffs kept adding on uncertainty, putting mild inflation pressures. US Treasuries performed well during Q3. Their respective curve moved lower, especially regarding the short-term part of it, where 2-year yields fell by 30bps. The longer-term port of the curve made a less pronounced move, averaging at 17bps drop. During the quarter, markets trimmed their bets on FED rate cuts, but the expected end-of-year landing rate was reinstated by the end of September. Fed performed its first rate cut of 25 basis points by mid-September as expected and signaled further easing.

The sub-fund returned 1,03% for the quarter. The portfolio's positive performance was driven by successful sector allocation decisions, particularly in government and corporate debt positioning. While security selection was neutral overall, individual security contributions were mixed, with positive results from sovereign bonds offset by corporate credit positions. The yield curve strategy had a slight negative impact, though duration positioning proved beneficial in the rising rate environment.The sub-fund maintained a similar portfolio composition to the previous quarter. Government bonds remained the prevalent constituent of the portfolio in terms of duration, and in terms of notional exposure. The overall duration of the portfolio moved in range, slightly below 2.0.