AZ Fund 1 - AZ Allocation - European Dynamic - B EUR DIS

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 managing a portfolio of equities issued by European companies, and debt securities issued by European governments and/or European companies. Exposure to equities and debt securities is actively managed and depends on, among other factors, the overall valuation of the equity markets. The lower and more opportunistic the assessment of the overall value of equity markets, the higher the net exposure of the Sub-fund to equities, and vice versa. Although the Sub-fund will normally be invested in equities, the Management Company may reduce or even eliminate the equity component of the portfolio and invest exclusively in money market instruments and debt securities during periods when, in the opinion of the Management Company, there are not sufficient opportunities to invest in equities with attractive returns because equity valuations are high and/or in the event of negative macroeconomic developments.