The fund aims to exploit price inefficiencies on the equity market that occur in the course of acquisitions, mergers and other corporate transactions. In order to take advantage of the price difference (transaction risk premium), the fund may invest in the target company via equities or equity derivatives (e.g. options and futures). If an acquisition is implemented through a stock swap, the fund may additionally use derivatives to take a short position in the shares of the acquiring company. Although the net exposure resulting from long and short positions will fluctuate, it is generally not expected to exceed 100% of the fund´s assets. The strategy has a worldwide dimension (including emerging markets). The investment objective is to generate a high risk-adjusted return in all phases of the market. A special risk mechanism is also used to limit potential losses.