Anlageziel AZ Fund 1 Macro Volatility B-AZ Fund Fonds

The Sub-fund will carry out an investment policy aimed at generating returns with a small correlation compared to traditional equity/bond portfolios. To this end, unlike "tail risk hedging" techniques, the Sub-fund will make a tactical asset allocation in financial instruments in an attempt to take advantage of the situations of uncertainty or macroeconomic stress. (E.g.: financial stress, reduced liquidity, increase of macroeconomic volatility, increase of the default probability, etc.)