So investiert der Azvalor Lux SICAV Azvalor Managers I Fonds: The Sub-Fund is a feeder sub-fund pursuant to article 77(1) of the 2010 Act (“Feeder UCITS”) and will as such at all times invest at least 85% of its assets in units of the Master Fund (AZVALOR MANAGERS, FI) which qualifies as a “master UCITS” within the meaning of Directive 2009/65/EC. The Sub-Fund may hold up to 15% of its assets in ancillary assets, including cash, cash equivalents and short-term bank deposits. The objective of this Sub-Fund is to achieve capital appreciation through investment in the Master Fund.