Anlageziel

The sub-fund invests pre dominantly (at least 51% of the sub-fund’s total assets) in catas trophe bonds (“cat bonds”) worldwide. Cat bonds are securities tradable on the secondary market through which specific risks (typically catastrophe and natural disaster risks, e.g. hurricanes in the USA, earthquakes in Japan) are trans ferred from a sponsor (e.g. insurance companies and govern ments) to the capital markets (investors). Cat bonds are issued as bonds by special purpose vehicles (SPVs). The capital raised from investors through the issue is held in trust and invested in high quality, liquid collateral (e.g. US Treasury bonds).