So investiert der AZ Fund 1 AZ Alternative - Arbitrage A-Institutional USD Acc Fonds: The Sub-fund's investment objective is to achieve medium-term capital growth. The Sub-fund is actively managed and aims to deliver positive absolute returns on the basis of a merger arbitrage strategy that entails gaining exposure to companies involved in extraordinary corporate finance transactions that have already been publicly announced (primarily mergers and acquisitions, but also spin-offs and any other forms of corporate restructuring) or that market participants know to be possible (through coverage in the media and/or specialised economic information sources). Usually, in merger/acquisition transactions, the market price of the "target company" is lower than the price offered by the "purchasing company" (the "premium"). If the transaction is successfully completed, the Sub-fund may earn a profit on the "premium". If the transaction fails, the Sub-fund may suffer a loss.