The Fund's primary investment objective is to generate attractive levels of return well in excess of the return that can be achieved from global equity markets by investing in a range of asset types and asset classes which should benefit at any time from repricing and recovery in discounted or distressed assets and from global economic growth. In attempting to generate superior investment returns, the Fund will invest primarily in investment entities managed by other investment managers selected for their skills, style and appropriateness, but may also use derivative structures.

The Fund will seek to achieve investment returns 15- 20% per annum after fees over a rolling 36 month time horizon, with an annualised standard deviation of 12-15%. The Fund will be managed primarily to achieve high levels of return rather than manage volatility.

The Fund will seek ordinarily to hold a relatively concentrated, yet diversified, portfolio of underlying investment securities or funds across a range of asset classes, alternative investments and investment styles.

The Fund's investment time horizon is medium to long term. Investments will be selected both for their ability to generate attractive, risk-adjusted returns and based on the interaction of their individual investment and risk characteristics with the other holdings of the Fund. The Fund will not impose any limits upon which asset classes may be utilised or concentration limits for any asset class as it will seek to be strategic, "best-ideas" fund seeking to garner significant return opportunities.

The Fund has a structured investment process which ensures consistent and high level research analysis.

Extensive due diligence is applied to all managers selected for investment. The investment process also contains a disciplined allocation framework to proactively manage exposures to underlying strategies and individual funds.

The Fund will invest in funds and markets on a global basis. Depending upon the market outlook, it may seek to utilise currency hedging activities to seek to limit volatility.

The Fund will seek ordinarily to avoid investing in funds with lock-ins or have long notice periods for liquidation.