So investiert der Impax Funds (Luxembourg) - Global Short Maturity Responsible High Yield Fund X1 USD Acc Fonds: The Sub-Fund is an actively managed, long only (i.e., no leverage or derivatives are employed to enhance returns), Socially Responsible Investing Strategy with financial and extra-financial objectives. The Sub-Fund’s financial objective is to generate, without reference to any benchmark, consistent risk-adjusted returns over multiple market cycles of 3 to 5 years by investing a diversified portfolio of global High Yield corporate bonds denominated in Hard Currencies and predominantly issued in the United States, EU markets or in other member countries of the OECD, with an average expected life to maturity of approximately five years or less, although the Investment Manager shall have discretion to vary the average expected life from time to time if warranted by market conditions.