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.

The U.S. economy showed solid resilience during Q4, with GDP growth at 2.7% and consumer spending remaining firm despite ongoing uncertainty. The Federal Reserve implemented a 25 basis-points rate cut in December, signaling continued support for economic stability amid persistent inflation concerns. Treasury yields were volatile throughout the quarter, with the 10-year starting at 4.15% and ending near 4.17%, close to its December high. Short-term yields also fluctuated, reflecting persistent inflation and growth expectations.

The portfolio delivered a positive absolute return during the fourth quarter of 2025, tracking tightly the relevant market performance. Performance was supported by strong sector allocation decisions, particularly in corporate and government debt, while security selection contributed positively overall. Positions in Poland, Sweden and GM where the main contributors of the positive outcome. Yield curve positioning had a modest negative impact, with some slightly longer-term positions underperforming. The portfolio navigated a challenging market environment marked by monetary policy adjustments and rate volatility.The sub-fund adjusted its positioning during the fourth quarter, abandoning its overweight stance in corporate bonds while ramping up the exposure to government debt. Government securities became the dominant component of the portfolio, both in terms of notional size and duration contribution. The overall duration of the portfolio moved in range, slightly below 2.0.