Twelve C.UCITS ICAV-Tw.Cat BF.SI2 USD/  IE00BJSB6P45  /

This Sub-fund is actively managed with the goal to achieve capital growth by investing in Catastrophe bonds (cat bonds) in any currency over the mediumto long-term. The Sub-fund's portfolio consists of insurance-linked securities or cat bonds that are at risk of coupon and principal loss in the case of the occurrence of pre-defined insurance events, such as natural catastrophes. These securities are structured with typically a floating rate coupon, which protects the investor against changes in the level of interest rates, but can also exhibit a fixed or zero coupon structure. Cat bonds are issued either through special purpose vehicles (SPVs) to eliminate counterparty risk or directly by public, private and semi-private insurance and reinsurance companies, governments, supranational institutions or corporations. The Sub-fund uses financial derivative instruments (FDIs) in the form of foreign exchange forwards to protect against movements in currencies.

This Sub-fund is actively managed with the goal to achieve capital growth by investing in Catastrophe bonds (cat bonds) in any currency over the mediumto long-term.