AZ Allocation - Breakthrough Healthcare Conservative AZ (EURO RETAIL)/  LU2279425842  /

The Sub-fund implements a fund of funds investment strategy and intends to achieve its investment objective by investing at least 70% of its net assets in units of UCITS and/or other UCIs (including between 20% and 70% of its net assets in units of UCITS and/or other UCIs managed by the Management Company) to outperform the following composite index: 70% Bloomberg Barclays Global Aggregate 1-5 years Total Return Index Hedged EUR + 30% MSCI World Pharma Biotech&Life Sciences Index. The MSCI World Pharma Biotech&Life Sciences Index comprises large and mid-cap companies listed on 23 developed markets. All companies in the index belong to the pharmaceutical, biotechnology and life sciences industry. The Bloomberg Barclays Global Aggregate Index is a measure of global investment grade debt from twenty-five local currency markets, and includes treasury, government-related, corporate and securitised fixed-rate bonds from both developed and emerging markets issuers. The Sub-fund takes net exposure of between 10% and 50% in equities issued by companies anywhere in the world. The Sub-fund indirectly takes indirect exposure by investing in units of UCITS and/or of other UCIs, derivatives based on equities and/or equity indices. The remainder of the portfolio will be invested directly and/or indirectly in debt securities with an attractive yield to maturity. The Sub-fund invests at least 50% of its net assets in the units of UCITS and/or other UCIs investing in equities, whose investment policy and objective are in line with the healthcare theme. The Sub-fund may also invest up 50% in debt securities issued by developed market issuers, up to 30% in debt securities issued by emerging market issuers, and up to 50% in debt securities rated sub-investment grade. The Sub-fund uses the main derivative financial instruments for investment purposes in order to implement its investment policy and/or for hedging purposes. The Sub-fund aims at maintaining a leverage effect lower than 150%, calculated on the total of all derivative financial instruments' notional amounts.

The Sub-fund implements a fund of funds investment strategy and intends to achieve its investment objective by investing at least 70% of its net assets in units of UCITS and/or other UCIs (including between 20% and 70% of its net assets in units of UCITS and/or other UCIs managed by the Management Company) to outperform the following composite index: 70% Bloomberg Barclays Global Aggregate 1-5 years Total Return Index Hedged EUR + 30% MSCI World Pharma Biotech&Life Sciences Index. The MSCI World Pharma Biotech&Life Sciences Index comprises large and mid-cap companies listed on 23 developed markets. All companies in the index belong to the pharmaceutical, biotechnology and life sciences industry. The Bloomberg Barclays Global Aggregate Index is a measure of global investment grade debt from twenty-five local currency markets, and includes treasury, government-related, corporate and securitised fixed-rate bonds from both developed and emerging markets issuers.