Investment Strategy

The Global Cycle Strategy invests primarily in 5 to 25 Underlying Funds which each represent a distinct theme. Due to the global nature of the themes chosen, this strategy may sometimes involve investing in areas of the markets that may exhibit high short-term volatility in their returns. In view of this, and given our general hedged approach to investing, the Global Cycle strategy may also buy short-index securities as a hedge during periods of high market risk.

The goal of the Fund is to construct a diversified portfolio of multiple global themes that are actively managed by seasoned fund managers who have a competitive edge and unique level of expertise in their area of focus. We aim to construct a diversified, opportunistic equity holding which:

• Pursues specific investment themes on a global scale
• Diversifies across multiple funds to reduce "single manager risk”
• Has the flexibility to hedge the portfolio, use cash and hence deliver lower volatility and lower correlation to the broad markets than traditional "long-only" global equity strategies (up to 50% of the Fund's assets can be invested in inverse securities and/or shorted)
• Generates superior risk-adjusted returns relative to other aggressive growth strategies