Vontobel Fund - Non-Food Commodity

Limited participation in the potential of single securities

Success of single security analysis and active management cannot be guaranteed

It cannot be guaranteed that the investor will recover the capital invested

Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility

Price fluctuations of investments due to market, industry and issuer linked changes are possible

Investments in foreign currencies are subject to currency fluctuations

Mid-yield bonds may be more speculative investments than bonds with a higher rating due to higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed

High-yield bonds (non-investment-grade bonds/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated bonds

Commodity investments might be subject to considerable volatility and exposed to sudden fluctuations over a long period. Various commodity markets may also be suject to direct government intervention that might cause extreme price volatility of commodity investments

The structure of ABS/MBS and the pools backing them might be intransparent which exposes the subfund to additional credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the subfund

Investments in alternative assets may suffer a total loss

The Sub-Fund’s investments may be subject to Sustainability Risks. Information on how sustainability risks are managed in this Sub-Fund may be obtained from Vontobel.com/SFDR.