AZ Alternative - Global Macro Opportunities A-AZ FUND (ACC)/  LU2238327170  /

The Sub-fund's investment objective is to achieve medium-term capital growth. The Sub-fund is actively managed and aims to achieve its investment objective by investing in transferable securities and derivative financial instruments from around the world (using long and/or short exposures), based on a macroeconomic analysis to determine investment themes and opportunities. The Sub-fund invests directly or indirectly through (long and/or short) derivatives in all asset classes: equities, debt securities, money market instruments and currencies. The Sub-fund also invests in derivatives on commodities indices. The Sub-fund may invest up to 100% of its net assets in debt securities rated investment grade and money market instruments issued by governments and/or companies, including up to 75% of its net assets of emerging market issuers. Investments in debt securities rated sub-investment grade will not exceed 80% of the assets of the Sub-fund. The Sub-fund may invest up to 50% of its net assets in equities issued worldwide, including in emerging countries. The Sub-fund may invest up to 20% of its net assets directly in Chinese shares (China A-Shares) listed in Mainland China (through the Shanghai-Hong Kong Stock Connect or the Shenzhen-Hong Kong Stock Connect) or in Hong Kong or through American Depositary Receipts (ADR) listed in the United States, and indirectly through futures on indices of Chinese equities. The Sub-fund may invest up to 40% of its net assets in commodities through derivatives of commodity indices, units of UCITS and ETFs .

The Sub-fund's investment objective is to achieve medium-term capital growth. The Sub-fund is actively managed and aims to achieve its investment objective by investing in transferable securities and derivative financial instruments from around the world (using long and/or short exposures), based on a macroeconomic analysis to determine investment themes and opportunities. The Sub-fund invests directly or indirectly through (long and/or short) derivatives in all asset classes: equities, debt securities, money market instruments and currencies. The Sub-fund also invests in derivatives on commodities indices.