Noray Moderado FI is a fund of funds that invests between half to all of its assets in financial investment institutions, allowing up to 30% in non-harmonized entities. It allocates 10% to 40% of its portfolio to international equities, primarily from developed markets like Europe, the United States, and Japan, and up to 10% in emerging markets. The remaining investments are directed into public and private fixed income instruments, including deposits and money market securities. This diversified approach aims to maintain a balanced portfolio with low annual volatility.