Fund objective

• The objective of the Fund is to achieve a positive total return over a market cycle with a low to moderate correlation to traditional financial market indices.
• The Fund intends to gain exposure primarily to shares of companies, debt instruments (issued by governments or companies with a minimum rating of B- by Standard and Poor’s rating agency or equivalent) and commodities worldwide.
• The Fund intends to gain exposure to assets that are expected to perform differently across the three stages of the market cycle, namely recession, non-inflationary growth and inflationary growth.
• The Fund may make significant use of derivatives (complex instruments) in order to (i) reduce the risk and/or generate additional capital or income and/or (ii) meet the Fund’s investment objectives by generating varying amounts of leverage (i.e. where the Fund gains market exposure in excess of the net asset value of the Fund).
• The Fund is actively managed and is not constrained by its benchmark, the 50% Bloomberg Germany Govt. Over 10 Year Index (Total Return), 25% MSCI World Index EUR-Hedged (Net Total Return) & 25% S&P Goldman Sachs Commodity Index EUR-Hedged (Total Return), which is used for comparison purposes. While the benchmark is a suitable proxy for the fund's investment strategy, the strategy is mainly implemented via derivatives and therefore the overlap is minimal.
• In addition to the charges set out in the Charges section below, the Fund will incur portfolio transaction costs which are paid from the assets of the Fund. These may have a material impact on your returns.
• Please refer to the Past Performance section below where a benchmark will be displayed if relevant.