So investiert der AZ Fund 1 - AZ Alternative - Cat Bonds A-AZ Fund Inc Fonds: The Sub-fund's investment objective is to achieve long-term capital growth. The Sub-fund aims to achieve its investment objective by actively managing a diversified portfolio of insurance-linked securities (ILS) issued by insurance and/or reinsurance companies, as well as any other risk aggregators worldwide. The primary instruments for investing in ILS are catastrophe bonds (cat bonds). These are mostly floating-rate securities whose performance is linked to the occurrence of natural disasters and disasters that are manmade (including indirectly). Cat bonds cover damage from disasters including hurricanes, earthquakes, storms, floods, hail, etc. The term of a cat bond tends to be linked to factors relating to human lives, such as mortality, longevity, the behaviour of the policyholder, etc. However, the Sub-fund will not invest in instruments that bet on the policyholder’s lifespan.