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Investment Funds are collective savings instruments made up of individual contributions from multiple investors. The fund invests this capital across different markets and financial assets such as equities, bonds, commodities and real estate. They are managed by professional portfolio managers who take investment decisions on behalf of investors.

Investment Funds are divided into identical units called participation units.

A participation unit is the security that represents each investor’s share in the Fund. The total number of units reflects the portion of the fund’s overall assets that each investor owns. These units are identical and together represent the total value of the Investment Fund at any given time. They are issued at a specific value on the day the fund is launched. This value is used to measure the fund’s performance over time.

Short term / liquidity / money market funds  
These funds invest mainly in short‑term, highly liquid instruments. They carry low risk and typically deliver returns in line with money‑market interest rates. They can be an alternative to bank deposits, although they do not guarantee capital at redemption.

Bond Funds 
Bond funds are classified according to the type of issuer:

• Government Bond Funds – invest in different types of sovereign debt.

• Corporate Bond Funds – invest in bonds issued by companies.

They are usually divided into two sub‑categories based on credit quality: 

• Investment Grade Bond Funds – invest in issuers with high credit quality (S&P BBB or higher, Moody’s Baa or higher).

• High Yield Bond Funds – invest in lower‑rated debt (often called junk bonds) and typically offer higher interest rates due to greater risk.

There are also Emerging Market Debt Funds, which invest mainly in bonds issued by emerging‑market countries, including both government and corporate debt, with or without currency hedging. 
Finally, Global / Flexible Bond Funds (Unconstrained) can invest across global debt markets within predefined limits, without restrictions on issuer type, credit risk or geography.

Mixed (Multi‑Asset) Funds 
These funds combine characteristics of bond and equity funds, investing across asset classes. Their risk and return depend on the relative weight of equities and bonds, as well as the geographical exposure. Some focus more on equities, others on bonds, while others follow a diversified global approach.

Equity Funds 
Equity funds carry higher risk because the value of their participation units is highly sensitive to equity‑market fluctuations. However, they may offer higher long‑term return potential, as short‑term volatility tends to smooth out over time.

There are also:

• Flexible Funds – invest in both bonds and equities, without strict allocation limits.

• Fund of Funds – invest in units of other funds. 

• Alternative Investment Funds – have broader flexibility in defining their investment strategy.

• PPR – Retirement Savings Funds – similar to multi‑asset funds but governed by a specific legal framework.

All Investment Funds carry capital risk (except capital‑guaranteed funds). This means investors may lose part or all of the capital invested. The level of risk depends on the underlying assets held by the fund.

Main risks associated with investment funds

• Capital risk – the vast majority do not offer capital protection (*).

• Liquidity risk – how easily assets can be converted into cash.

• Interest‑rate risk – rising risk‑free interest rates generally reduce the value of bonds (affecting bond funds).

• Market / Price‑variation risk – asset prices may rise or fall depending on market movements.

• Concentration risk – when the fund is heavily exposed to specific markets, sectors or asset classes.

• Use of derivatives – derivatives may be used to reduce or increase the level of risk.

• Credit risk – the possibility that issuers may default.

• Currency risk – exposure to fluctuations between the fund’s currency and the euro.

• Operational risk – the possibility of human or system errors.

A useful indicator of a fund’s risk and return level is the Summary Risk Indicator (SRI). The SRI measures price‑volatility risk on a scale from 1 to 7. A lower score does not mean the fund is risk‑free, as all funds may incur partial or total capital losses.

In terms of SRI, within the “Risk Tolerance” target‑market category:

• Funds with SRI 1–2 → suitable for investors with Low risk tolerance

• Funds with SRI 3–4 → suitable for investors with Medium risk tolerance

• Funds with SRI 5–7 → suitable for investors with High risk tolerance

Except for a small number of capital‑guaranteed funds, capital protection is not provided. However, some categories naturally carry lower risk due to the characteristics of their underlying assets and investment policies.

There are two ways to reduce risk:

1. Choose funds with a lower SRI rating.

2. Follow a diversification strategy, either by investing in funds from different categories or by selecting a fund with a diversified investment policy (for example, investing across sectors, companies and regions).

When defining an investment strategy, identifying the right investment horizon is crucial. The period during which you expect to hold an investment should be one of the key factors in your asset‑allocation and investment decisions. It’s important to understand whether the fund is Open‑Ended or Closed‑Ended, what the recommended investment horizon is and whether it aligns with your objectives.

Open‑Ended Funds generally offer high liquidity — investors can subscribe and redeem units at any time — and their unit value is usually published daily. 
Closed‑Ended Funds only allow redemptions at the fund’s maturity date, and their unit value is typically disclosed monthly.

Distributors communicate the recommended investment horizon based on information provided by the Management Companies.

Within the target‑market definition, under “Objectives and needs”, funds are categorised as follows:

• Investment horizon under 1 year → Very short‑term investments

• Investment horizon 1 to 3 years → Short‑term investments

• Investment horizon 3 to 5 years → Medium‑term investments

• Investment horizon over 5 years → Long‑term investments

It is up to the investor — using the pre‑contractual and contractual documents (IFI / DIA) — to decide on the fund that best fits the period they expect to hold the investment (including any foreseeable liquidity needs).

There is a direct relationship between investment horizon and risk: the longer the recommended horizon, the higher the level of risk, due to greater uncertainty over extended time periods.

You can purchase Investment Funds by subscribing to participation units through your bank or through independent financial institutions that offer fund‑distribution platforms.