Sectors. Exposure to a single “sector” (as defined in the applicable Bloomberg Industry Classification System (“BICS”)): No more than 25% of the AEM Allocation, except as set forth below with respect to the “financial” sector. • Exposure to “financial” sector (as defined in the applicable BICS): No more than 40% of the AEM Allocation. • Sublimit for the “banking” subsectors of the “financial sector” (as defined in the applicable BICS): No more than 30% of the AEM Allocation. • Sublimit for other subsectors of the “financial” sectors: No more than 12.5% of the AEM Allocation. • Ratings Limits: Up to 100% of the AEM allocation shall be invested in debt securities rated Investment Grade (as defined below), except as set forth below with respect to HY Securities (defined below). • No more than 15% of the AEM Allocation may be invested HY Securities (as defined below).
Appears in 2 contracts
Sources: Master Sub Advisory Agreement (Athene Holding LTD), Master Sub Advisory Agreement (Athene Holding LTD)