The Fund aims to provide a positive (absolute) return, regardless of market conditions, over any 12 month period. A positive return is not guaranteed over this or any other time period, and particularly over the shorter term the Fund may experience periods of negative returns. Consequently your capital is at risk.
Performance target: To outperform SONIA +1%, after the deduction of charges, over any 3 year period.
The Fund invests in shares and makes extensive use of derivatives (complex financial instruments) to take both ‘long’ and ‘short’ positions in companies the Investment Advisor believes will either rise in value (long positions) or fall in value (short positions) meaning that the Fund may benefit from either scenario.
The Fund will hold a significant proportion of its assets in cash and money market instruments as a result of holding derivatives and for when the Investment Advisor wishes to take a defensive stance. Conversely, the Fund may also employ ‘leverage’ (so that the Fund can invest a greater amount than its actual value) when the Investment Advisor has greater confidence in the opportunities available.
Typically, at least 80% of the exposure to the long and short positions (in aggregate) will be to companies of any size, in any industry, in Europe (including UK). Companies may be located or do most of their business in this region. The balance of the long and short exposure may be to companies outside this region.
The Investment Advisor may also use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed and makes reference to SONIA as this forms the basis of the Fund's performance target and the calculation of performance fees (if applicable). For currency hedged Share Classes, the rate that corresponds with the relevant Share Class currency is used as the basis of the performance comparison. The Investment Advisor has complete discretion to choose investments for the Fund and is not constrained by a benchmark.
Please note: the fund may invest up to 20% in shares or derivatives of shares of companies outside Europe.
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