So investiert der AZ Fund1 - AZ Alternative - Core Brands A-AZ Fund Acc Fonds: 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 long/short strategy on equity and equity-related securities issued by companies headquartered anywhere in the world and primarily belonging to the consumer goods sector. A long/short strategy entails adopting long positions on companies that the Manager believes to be undervalued and expects to appreciate, and short positions on companies that the Manager believes to be overvalued and expects to depreciate. The Sub-fund uses a bottom-up approach to assess whether each company is undervalued or overvalued. Net exposure is actively managed and depends on, among other factors, the overall valuation of the equity markets. The higher the valuation, the lower the net exposure, and vice versa.