AZ Bond - Global Macro Bond A-AZ FUND USD (ACC)/  LU2085666282  /

The Sub-fund's investment objective is to achieve medium and long-term capital growth. The Sub-fund aims to achieve its investment objective by actively investing in a diversified portfolio of debt securities. The Sub-fund uses a top-down investment approach that focuses on macro trends in rates, spreads and liquidity of the various segments of the credit market, and combines long and/or short strategic and tactical positions, while seeking to maximise returns. The Sub-fund invests between 50% and 100% of its net assets in debt securities issued by governments, supranational institutions or governmental authorities of OECD member countries and/or companies with their head office in an OECD member country and up to 50% of its net assets in debt securities issued non-OECD member issuers, including emerging countries. The Sub-fund may invest up to 75% of its net assets in debt securities rated sub-investment grade at the time of their acquisition. Investments in convertible, hybrid and subordinated bonds shall not exceed 60% of the Sub-fund's net assets, including up to 20% of its net assets in contingent convertible bonds (CoCo bonds) The duration of the Sub-fund is between -5 and +10 years. The Sub-fund may also invest up to 10% of its net assets in securities that are in default or in difficulty at the time of purchase and up to 15% of its net assets in assetbacked securities (ABS) and mortgage-backed securities (MBS).

The Sub-fund's investment objective is to achieve medium and long-term capital growth.