Investment Philosophy

The fund believes that successful investment management requires a reliable decision-making process combined with a disciplined approach. Modern Portfolio Theory holds that combining non-correlated assets produces better returns per unit of risk. The Fund's investment philosophy is that the selection of asset classes included in the portfolio and the weightings between them will be the most important factors determining overall investment returns.

Investment markets are cyclical. No single asset class is consistently a "best" or "worst" performer. One asset class may be dominant for a particular period of time but the cycle moves on and a different asset class will come to the fore. In recognising that this is a fundamental reality, it reaffirms the need to keep abreast of current trends and realign investments and/or reorganise the weighting of asset allocations. It follows that the Investment Manager's main responsibilities are seen as monitoring, managing and realigning investments in accordance with current and ever changing investment conditions. The importance of being in the right asset classes at the right time is fundamental and cannot be overstated. It is this more so than individual stock selection that drives superior performance. The particular advantage of the Fund is that it can take long or short positions and so have the potential advantage of making profits whether markets are rising or falling. Superior performance derives from taking the right positions (long or short) in the right sectors of the right markets at the right time. The attraction of the multi-asset approach is that it aims to provide:

• Access to an attractive and eclectic mix of non-correlated asset classes within one fund
• Risk tempered by investing in a mix of non-correlated assets
• Active monitoring and management
• Active re-weighting in accordance with changing investment conditions
• A one-stop solution with excellent liquidity and transparency