BBVA Durbana International Fund Income Opportunity A USD

The Sub-Fund aims to provide capital appreciation through a flexible investment approach focused on diversification and risk control, assuming a medium degree of risk. The annual volatility of the fund is not expected to rise above 15%.

The Sub-Fund will invest in a portfolio of equity securities and fixed income securities, floating rate notes, high yield bonds, emerging market bonds, convertible bonds, mortgage backed securities, and other asset backed securities. It will seek exposure to absolute return, volatility, relative value, and commodity strategies. The investments made are not predetermined in terms of the distribution between the different types of assets or strategies.

The Sub-Fund may have exposure to other currencies than USD and Euro, and may invest up to 25% of its net assets in high yield and/or emerging market securities. Additionally, the Sub-Fund may invest in total return swaps with various underlying instruments, with a maximum of 10% in normal circumstances.

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