So investiert der Varenne Valeur P-CHF Fonds: To seek a return in excess of the CNO-TEC 5, through a discretionary management approach. The Fund’s objective is to seek, over the recommended investment period, the annualised return indicated below, after adopting a discretionary management strategy. The objective is to achieve an annualised return that exceeds the CNO-TEC 5 + 140 basis points for unit classes A and IT, an annualised return that exceeds the CNO-TEC 5 + 200 basis points for unit class P, an annualised return that exceeds the CNO-TEC 5 + 210 basis points for unit class I, an annualised return that exceeds the CNO-TEC 5 + 125 basis points for unit class U, after deduction of all the fees charged to the Fund (except for the performance fee). The Fund does not track a benchmark index, however the performance of each unit class may be compared ex-post with the objective specific to each unit class indicated above.