Auris X Allianz Global Equities ESG R EUR Acc

Investment Objective: The Compartment aims to achieve long term outperformance of the global equity universe as represented by the MSCI World Index, using a combination of high-conviction growth and value stocks. Annualized tracking error, calculated as the annualized standard deviation of excess returns, is expected typically to be between 3% and 7% in normal market conditions, but may, in some circumstances, be higher. Index: MSCI World Net Total Return denominated in USD. The Fund is actively managed by the Investment Manager with the aim of achieving its investment objective. The benchmark indicator is used retrospectively as a comparative assessment. Consequently, the Investment Manager's investment decisions are in no way constrained or limited by the components of the benchmark indicator or the weighting of each of them. Thus, the composition of the Fund’s portfolio may differ significantly from that of the benchmark indicator. Investment Strategy: The Compartment will maintain, under normal market conditions, investment exposure equal to at least 80% of its total assets in equity securities of companies located worldwide, with the number of holdings typically in the range of 130 – 200, diversifying holdings across sectors, industries and countries. At times the Investment Manager may emphasise one or more particular sectors or countries. The Investment Manager expects normally to manage the Compartment’s total net assets to a 50% growth sleeve and 50% value sleeve target allocation. The Investment Manager expects typical allocations to stay within +/-5% of the long term 50% target, but may extend as far as +/-10% as market conditions warrant. The Compartment’s investments in equity securities of issuers incorporated in the US will be limited to a maximum of their weight in the Index +10% at time of purchase. The Compartment invests primarily in developed countries but may invest up to 30% of the Compartment's total assets in emerging market equity securities if the opportunity arises. The Compartment seeks to add value above the Index through research-intensive bottom-up stock selection. The approach is driven by fundamental company research from a global perspective, utilising a long-term focus. The Compartment may sell a holding if the return potential is realised, if warning signs emerge of fundamental deterioration in business prospects, if the valuation is no longer compelling relative to other investment opportunities, if the holding is no longer in lines with the Investment Manager’s selection criteria or if the holding’s contribution to portfolio risk increases. The Fund agrees to comply with the following net asset exposures: a) From 60% to 100% on stocks markets for all geographical areas, all sectors and all market cap sizes b) From 0% to 100% on foreign exchange risk. The reference currency of the Fund is the US Dollar.