Fund Description

The objective of this Fund is to provide its investors with a long-term appreciation of their capital, principally by means of a broadly diversified portfolio of investments in equity securities and other similar instruments. The Fund may invest flexibly in companies of all market capitalisation, sizes, sectors and countries, including emerging markets. The Fund is managed with a top-down, macro-driven investment process which will favour some global equity market segments over other global equity market segments at different times. The Sub-Manager seeks to identify areas where, in its opinion, there is a scarcity of capital and/or potentially overlooked investment opportunities. Security selection will be based on the Sub-Manager’s macroeconomic analysis and assessment of a range of proprietary and non-proprietary quantitative indicators to achieve desired market exposures while seeking to manage stock-specific and other observable market risks. These indicators will evolve over time and may include stock markets valuations; interest rates curves; asset class, regional and country correlations; profits cycles analyses; styles as well as sectors rotations; expected betas; estimates of revisions and earnings surprises; investor sentiment or other factors. The Fund is actively managed, and the Fund’s manager's discretionary powers are not constrained by the index.