AZ Allocation Long T.Cr.Opp.AAZ EUR/  LU2458531220  /

The Sub-fund aims to achieve its investment objective by actively managing a diversified portfolio of debt securities issued worldwide, and equities. The Sub-fund actively manages the allocation between equities and debt securities, based on the expected risk and return from these two asset classes. As such, although the Subfund will normally be primarily - if not wholly - invested in debt securities, the Management Company may reduce the debt component of the portfolio and also invest in equities during periods when, in the opinion of the Management Company, equities are significantly undervalued or there are not sufficient opportunities to invest in bonds with attractive returns because they may be exposed to losses in the event of rising interest rates and/or widening spreads.The Sub-fund mainly invests in fixed and/or variable income debt securities issued by governments, supranational institutions or governmental bodies worldwide and/or companies worldwide. The Sub-fund prefers high-yield securities such as high-yield bonds and emerging market debt securities, including frontier markets. The Sub-fund invests up to 100% of its net assets in debt securities and money market instruments issued by governments and/or companies of developed countries. The Sub-fund invests up to 80% of its net assets in debt securities issued by governments and/or companies of emerging country (including frontier markets). Cumulative investments in debt securities issued by frontier market issuers do not exceed 40% of the Sub-fund"s net assets. The Sub-fund invests up to 100% of it net assets in debt securities with a sub-investment grade rating. The Sub-fund may invest up to 40% of its net assets equities issued by companies worldwide, including up to 20% of its net assets in emerging countries. The Sub-fund invests up to 20% of its net assets in contingent convertible bonds (CoCo bonds). The Sub-fund uses the main derivative financial instruments for investment purposes and/or for hedging purposes. The Sub-fund aims at maintaining a leverage effect lower than 300%, calculated on the total of all derivative financial instruments' notional amounts.

The Sub-fund aims to achieve its investment objective by actively managing a diversified portfolio of debt securities issued worldwide, and equities. The Sub-fund actively manages the allocation between equities and debt securities, based on the expected risk and return from these two asset classes. As such, although the Subfund will normally be primarily - if not wholly - invested in debt securities, the Management Company may reduce the debt component of the portfolio and also invest in equities during periods when, in the opinion of the Management Company, equities are significantly undervalued or there are not sufficient opportunities to invest in bonds with attractive returns because they may be exposed to losses in the event of rising interest rates and/or widening spreads.The Sub-fund mainly invests in fixed and/or variable income debt securities issued by governments, supranational institutions or governmental bodies worldwide and/or companies worldwide. The Sub-fund prefers high-yield securities such as high-yield bonds and emerging market debt securities, including frontier markets.