European Absolute Return Fund

The Fund invests in shares and makes extensive use of derivatives (complex financial instruments) to take both ‘long’ and ‘short’ positions in companies the Investment Manager believes will either rise in value (long positions) or fall in value (short positions) meaning that the Fund may benefit from either scenario. The Fund will hold a significant proportion of its assets in cash and money market instruments as a result of holding derivatives and for when the Investment Manager wishes to take a defensive stance. Conversely, the Fund may also employ ‘leverage’ (so that the Fund can invest a greater amount than its actual value) when the Investment Manager has greater confidence in the opportunities available. At least 80% of the exposure to the long and short positions (in aggregate)will be to companies of any size, in any industry, in Europe(including UK). Companies may be located or do most of their business in this region. The balance of the long and short exposure may be to companies outside this region. The Investment Manager may also use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently. The Fund is actively managed and makes reference to SONIA as this forms the basis of the Fund's performance target and the calculation of performance fees (if applicable).The Investment Manager has complete discretion to choose investments for the Fund and is not constrained by a benchmark.