Investment Approach

he Fund aims to achieve positive absolute returns on your investment (i.e. an increase in the overall value of the Fund) over a period of 12 months regardless of market conditions. As such, the Fund will not be managed against any United Kingdom (UK) equity index. The Fund will be managed with the aim of delivering absolute (more than zero) returns on a 12 month basis in any market conditions. However, an absolute return is not guaranteed over a 12 month or any period and the Fund may experience periods of negative return. The Fund’s capital is at risk. The Fund aims to gain investment exposure to equity securities (e.g. shares) and equity-related securities of, or giving exposure to, companies incorporated or listed in the UK. At least 50% of the Fund’s gross investment exposure will at all times be in companies incorporated in the UK. The Fund may also gain exposure on an ancillary basis, up to 20% of its gross investment exposure, to equities issued by companies that are not incorporated or listed in the UK. Gross investment exposure is a measure of the Fund’s total market exposure, calculated by aggregating the absolute exposure of each investment position of the Fund including both long positions (i.e. the purchase of an asset by the Fund with the expectation the asset will rise in value) and short positions (as further described below) but excluding cash. In order to achieve its objective, the Fund invests at least 70% of its total assets in derivatives, equity securities and other equity-related securities