LU0385659072

The Fund is actively managed and aims to achieve long term capital growth, through its portfolio of stocks of companies listed in the Athens Stock Exchange, Greek Government bonds and Greek Corporate bonds. The Fund can use derivatives to reduce the impact of market changes. In addition, the Fund may invest in bank deposits, money market instruments and /or units of UCITS. The Units in the Classes Eurobank DIS and Private Banking DIS are all distributing Units (as defined in section 9 “Distribution policy” of this Prospectus). For 2025, the annual dividend was 2,50%. For 2026 the estimated dividend is expected to reach up to 2,50%.

The Sub-Fund has a high risk profile and is addressed to investors seeking gains by participating in a diversified portfolio of Greek equities, Greek Government bonds and Greek Corporate bonds with growth prospects in a long term horizon.

The second quarter of 2026 was characterized by heightened volatility in the European government bond markets, driven by shifting expectations regarding monetary policy and fluctuations in global energy prices. Despite these developments, Greek government bonds continued to demonstrate strong relative resilience, supported by the country's stable fiscal trajectory, improving credit fundamentals, and sustained investor demand for sovereign debt issued by peripheral economies.During the second quarter of 2026, the Athens Stock Exchange maintained a strong upward trajectory, recording a gain of 19.11%, while its year-to-date return reached 15.99%, outperforming the major developed equity markets.The successful completion of several major share capital increases and private placements confirmed the strong investment appetite from both international and domestic investors, while also highlighting the continued improvement in the liquidity of the Greek capital market. Particularly noteworthy was the €4.3 billion share capital increase of PPC, which attracted exceptionally strong demand, with total orders approaching €18 billion—a record level for the Greek market. This development represents a strong vote of confidence both in the company and in the prospects of the Greek equity market.The Greek economy continued to outperform the Eurozone, with investment, a resilient labour market, and strong fiscal performance serving as the main drivers of growth. Nevertheless, persistent inflationary pressures and a moderation in private consumption suggest that economic growth may fall below initial expectations. Even so, the medium-term outlook remains favourable, supported by continued capital inflows, the effective deployment of resources from the Recovery and Resilience Facility (RRF), and the anticipated catalysts of the Greek market's reclassification as a developed market and its planned integration into Euronext.At the same time, the fundamentals of listed companies remained robust, with operating profitability and revenues maintaining positive momentum, while valuations continued to be attractive relative to other European markets. Despite the overall positive picture, the investment environment remained subject to elevated uncertainty, as geopolitical developments, the interest rate outlook, and energy costs continue to represent key factors that may influence the short-term performance of the Greek stock market.

The Sub-fund's equity exposure increased during the second quarter, rising from 53% to 60%. Throughout the quarter, selective investments were made in the Energy and Infrastructure sectors, primarily through participation in the share capital increases of ADMIE Holding and PPC. At the same time, the Sub-Fund selectively increased its exposure to the Consumer Services sector through participation in the initial public offering (IPO) of Attica Department Stores, the share capital increase of TRASTOR REIC, and the conversion of PRODEA corporate bonds into equity. Finally, the Sub-Fund increased its allocations to corporate bonds and short-term time deposits, further enhancing portfolio diversification and liquidity management.