The Fund seeks higher returns in US dollars than the MSCI EFM Africa ex-SA Index1 without greater risk of loss. The Fund has a designated performance benchmark of the MSCI EFM Africa ex-SA Index (the ‘Benchmark’). The Fund does not seek to mirror the MSCI EFM Africa ex-SA Index but instead may deviate meaningfully from this performance benchmark in pursuit of superior returns.

The Fund will remain invested in African ex-SA Equities. The equities will be selected for their perceived superior fundamental value relative to their share price. The Investment Manager believes that this investment approach not only offers superior returns over the long term but also less risk of loss.

The Fund is suitable for persons seeking an investment in an emerging markets portfolio that is substantially invested in, and exposed to, African equities at all times, and which is therefore sensitive to trends in Africa.