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Investment Policy and Strategy

The primary investment objective of the Fund is long term capital appreciation through the application of a value-based investment approach. The Fund aims to identify geographic regions and investment sectors around the world that offer sound and cost effective prospects for capital growth over the long term by investments into a combination of professionally managed funds or fund advisors as well as direct equity selections on international exchanges. When considering investment opportunities, the emphasis will be towards managers orientated to value-investing or when focusing on direct equity investments, the Manager will be searching purely for intrinsic value.

In view of the complexity and costs of investing internationally, investments will be predominantly in funds with sound and proven track records and which, the Manager believes will continue to provide sound investment performance according to the Fund’s investing objectives. The Fund will not be bound to any particular fund management company and will provide investors with a selection of independent fund managers who have proven and continue to prove excellence in their field.

The Manager may determine that there are opportunities in a particular jurisdiction but due to a lack of sufficient exceptional expertise by third-party managers or, in general, no third-party managers who fit the Fund’s investment approach, the Fund may find it more efficient to make its own direct equity investments.

The Manager believes that although the markets in general are efficient there exist pockets of inefficiency characterized by irrational investor behaviour which in turn is driven by greed, fear and a short-term focus. In certain circumstances, mis-pricing occurs due to an overall lack of understanding by the investing public about the fundamentals and growth possibilities of a company. The Fund seeks these pockets of inefficiency globally and has no favour toward any particular index, capitalization or benchmark.

In general, investments will be held for the long-term, it is expected that turnover in the portfolio will be low. However, if the fundamentals of the investment held appears to be in jeopardy or if corporate actions force the disposal or surrender of our holding in an investment then these factors will affect our turnover levels.

Selection of Managers

Priority will be given to those third party managers who are considered to have the investment approach most appropriate to the Fund’s investment objectives. Prospective third party managers will be screened to identify those managers who, in the view of the Manager, have a strict value approach plus the performance record which indicates they may have the ability to make a value added contribution to achieving the Fund’s investment objectives. In-depth due diligence reviews will be conducted for each qualifying prospective third party manager based on specific and qualitative criteria established by the Manager.

The Fund invests, under normal market conditions, at least 80% of its net assets either directly or through funds in equity securities of international companies which the Manager believes have excellent prospects for appreciation as well as its income producing potential in making its investment decision. The Fund may invest in companies of all market capitalizations.

Selection of Investments

With regard to any direct equity investments the Fund may add to the portfolio, the Manager will include only those securities which reflect the following:

  1. the price of the company’s shares are attractively priced relative to the Manager’s own determination of the intrinsic value of the security;
  2. the company possesses excellent and stable future growth prospects through an assessment of cash flows and returns on invested capital;
  3. responsible management and control groups.

When the Manager determines that a temporary defensive stance is appropriate, the Fund may hold an extraordinarily large portion of its assets in cash and cash equivalents and short-term sovereign instruments.