PCF Balances Allocation

The Investment Objective

The Investment Objective of the Sub-Fund is to achieve absolute positive returns under all market conditions. There is no guarantee that the investment objective of the Sub-Fund will be achieved and investment results may vary substantially over time.

Investment Policy

In order to achieve its objective the Sub-Fund shall invest primarily in a diversified portfolio of instruments including (i) listed transferable securities including bonds and equities; (ii) commodity (mainly agricultural, livestock, energy, precious metals and industrial metals) derivatives ; (iii) listed and/or unlisted, regulated and/or unregulated collective investment schemes in the EU, US and Asia available to professional and/ or retail clients and ETFs; and (iv) exchange traded and/ or OTC FDIs (including futures, forwards, options and contracts for differences).

It is anticipated that the Sub-Fund’s investments in bonds will generally exceed 50% of the NAV of the Sub-Fund. Similarly the Sub-Fund’s exposure to equities (either directly or through ETFs and/ or The Sub-Fund is expected to strategic exposures to certain emerging markets (through transferable securities) and commodity derivatives. The Sub-Fund may also undertake opportunistic trades and short-term hedges to take advantage of the current market conditions. The exposure to these trades will generally not exceed 20% of the NAV of the Sub-Fund.

The Sub-Fund may invest in collective investment schemes managed by the Investment Manager. In this case, the Investment Manager shall reimburse the Sub-Fund any investment management and/or performance fees, as well as any applicable subscription/redemption charges, received in connection with the Sub-Fund’s investment in the target collective investment scheme.

The Sub-Fund will generally invest in assets denominated in EUR, CHF, USD and GBP. The positions shall follow a multi-market, multi-time frame and multi-strategy investment approach and will accordingly follow various strategies that focus on different markets, asset classes and time frames.

The Sub-Fund will not be biased towards any specific industry or market capitalisation.

For temporary or defensive purposes, the Sub-Fund may invest in other short-term fixed income securities, money market funds, cash and cash equivalents. The Sub-Fund may also retain amounts in cash or cash equivalents, pending re-investment and to meet operating expenses and redemption requests, if this is considered appropriate to the objective of maximising absolute returns.

Un-invested cash may, subject to investment restrictions (if any), be held on deposit in a bank account in the name of the Sub-Fund. When appropriate the Sub-Fund may also employ leverage through borrowing.

Class AClass B
Last NAV: 100.5411Last NAV: 97.7028
Daily %: 0.01%Daily %: -0.18%
Date: 28.06.2019Date: 28.06.2019

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