The Investment Manager may determine that prior to arranging for the Sub-Fund to invest into ***active positions***, the Sub-Fund may invest in collective investment schemes and/or exchange traded funds (“ETFs”), meeting the requirements of the Financial Regulator, that provide the Sub-Fund with an exposure to the security positions being sought by the Investment Manager.
Was ist mit active positions hier wohl gemeint? Ich würde auf "Direktanlagen" tippen ... Was meint ihr? TIA!
The translation workplace 
Zustimmung (Netto): +3