The Sub - Fund invests mainly in bonds and money market & derivative instruments implementing modern and high-equipped techniques in portfolio management. The fund benchmarks against the weighted average of the basic European Central Bank rate plus 250 basis points, while keeping its volatility at low level, close to 5% on an annual basis.

Global equity markets exhibited significant strength during the fourth quarter, characterized by a powerful and broadening rally in the United States. US equities continued their upward ascent, propelled by sustained enthusiasm for AI-driven productivity and corporate earnings that remained resilient. In Europe, the market narrative shifted from range-bound trading toward a more constructive tone; the Euro Stoxx 50 broke higher as investors rotated into attractively valued large-caps. Greek equities remained a standout performer on the global stage, reaching multi-year highs as robust banking sector profitability and the sovereign’s ascent to investment grade—anchored by Fitch’s upgrade to BBB in mid-November—fueled substantial international inflows.In fixed income, the aggressive curve steepening that had dominated earlier in the year began to plateau. While core European bonds found some stability, the short end of the curve faced late-quarter pressure following the ECB’s December meeting. Signals that the easing cycle had reached a temporary floor, combined with hawkish commentary regarding persistent services inflation, led to a tactical repricing of market expectations. Within credit markets, performance was generally robust as spreads tightened, although idiosyncratic volatility emerged in the gambling sector. Intralot bonds faced a mid-quarter sell-off following news of increased gaming duties in the UK; however, the bonds recovered a significant portion of those losses as management provided clarity on the company's ability to absorb the fiscal impact through its expanded global operations and strong EBITDA guidance. Looking ahead, we remain constructive on credit, supported by steady demand and healthy issuance dynamics, though we acknowledge that valuations have become increasingly demanding. Equity markets, particularly in Greece, continue to offer attractive opportunities, but we remain mindful of potential volatility as markets digest the future trajectory of monetary policy and lingering geopolitical risks. We will continue to manage duration dynamically while maintaining a selective approach in both primary and secondary markets to sustain performance entering the new year.

The fund’s return for the quarter amounted to 0,47%. Against this backdrop, the fund’s performance was particularly strong in October but moderated during the second half of the quarter, as headwinds in the fixed-income market weighed on overall returns. In response to this shifting environment, we chose to trim risk across the portfolio toward year-end, strategically reducing both our duration and equity exposure to preserve capital.